The share of greenhouse gas emissions covered by domestic carbon pricing initiatives increased significantly over the past year, led by the launch of six carbon markets in China.

Today, 39 national and 23 sub-national jurisdictions – responsible for almost a quarter of the global greenhouse gas emissions – have implemented or are scheduled to implement carbon pricing instruments, including emissions trading schemes and taxes, building the momentum for a bottom-up approach to climate action.

The State and Trends of Carbon Pricing 2014 report shows that while international negotiations may be slow, countries and cities are moving on climate pricing. A total of eight new carbon markets opened in 2013, and another launched in early 2014. With these additions, the world’s emissions trading schemes are valued at about US$30 billion. China now houses the second largest carbon market in the world, covering the equivalent of 1,115 million tons of carbon dioxide, after the EU ETS, with its 2,039 MtCO2e cap in 2013.