Networking Carbon Markets : Key Elements of the Process

Macinante, Justin

World Bank, Washington, DC

关键词: COP21;    climate change mitigation;    carbon policy;    carbon pricing;    carbon trading;   

RP-ID  :  110776

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The World Bank’s Networked CarbonMarkets (NCM) initiative is collaboratively exploring thepost-2020tools, services and institutions needed to enhancethe transparency, comparability, and fungibility ofheterogeneous climate actions, for a connectedinternationalcarbon market. The cost and efficiency benefits of linkingwill be important for engendering more climate action andsupporting the global developmentalgoal to limit globalwarming to 2°C and aim to limit it to 1.5°C. The NCMinitiative aims to enable comparison of different mitigationactions and trade across differentmitigation outcomes in away that is: inclusive; transparent; efficient; and hasenvironmental integrity. It is founded on the assumptionsthat firstly, the linking ofdiverse and heterogeneousmitigation actions is desirable;secondly, that governmentsand market participants needinformation about the schemeswith which they enter transactions and the assets theyacquire through those transactions; and thirdly, thatgovernments should retainthe sovereignty to act on theinformation about those other mitigation actions and assetsas they see fit. Generally, the form of any linkingarrangement will rangefrom a very loose alignment (softlink) to a very tight alignment of key elements (a hardlink). Hard linking requires aligning the design featuresofmitigation actions—some of these design features may beeasily reconcilable among the linking partners,while othersmay not. Recognizing that aligning mitigation actions can bea lengthy and costly process, especially once a mitigationaction has already been implemented,“networking” is one formof ‘soft’ linking that can offer an alternative solution.Rather than seeking to align mitigation actions, networkingis about facilitating trade of the outcomes of those actionsby recognizing differences and placing a value on thesedifferences. The services and institutions developed throughthe NCM initiative might be introduced in a phased manner,initially supporting countries to design robust mitigationactions and facilitating comparability and linkage withincountries.It is intended that these services andinstitutions could help to facilitate linkage bilaterally,before being extended to markets on a regional basis—perhapsthrough ‘carbonclubs’—and in the long term helping marketsto link on a global basis.