To deflate the carbon bubble and protect investors, oil & gas companies must shrink. The world’s listed oil and gas majors must cut combined production by more than a third by 2040 to keep emissions within international climate targets and protect shareholder value.

The European Union (EU) Emissions Trading System (ETS) governs about 40 % of total EU greenhouse gas emissions. It sets a cap on emissions from industrial activities (e.g. power and heat production, cement production, iron and steel production and oil refining), as well as aviation.

A growing number of countries have started to set longer-term climate targets and develop decarbonisation strategies in addition to their shorter-term commitments under the Paris Agreement.

The potentially adverse impact of carbon pricing on the competitiveness of businesses and economies has been a matter of concern to industry and policymakers. It has also been a barrier to progress on carbon pricing.

Air pollution affects us all to some degree. Whether live in highly polluted cities or the countryside, there is no escaping the impact dirty air has on our bodies and—as is now becoming apparent—our minds. Seven million people die every year from breathing unclean air.

To achieve the Paris Agreement goals and limit global temperature rise this century to 1.5°C, the global economy must be rapidly transformed. A carbon price is needed to incorporate climate change costs into economic decision-making to significantly reduce U.S. greenhouse gas emissions, particularly in the electricity sector.

Carbon pricing is increasingly recognized as an important source of government revenue. Carbon revenues can be crucial in supporting cost-effective climate mitigation, industrial competitiveness and other economic and development objectives.

This paper is designed to provide comprehensive details on the carbon markets across the major Asian economies and with specific attention to the Chinese carbon market. Particularly discuss the carbon markets across the major northeast (the People’s Republic of China [PRC], Japan, and the Republic of Korea) Asian economies.

This policy brief presents insights that can be derived from the gap indicators in the ‘global stocktake’ dynamic web tool. Know that there is a global emissions gap, as current policies on the national level are insufficient to accomplish the objective of the Paris Agreement to keep temperature increase to well below 2 °C.

This report provides an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national and subnational initiatives.

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