International push for carbon pricing highlighted at World Bank meetings
China, Chile, Costa Rica and Mexico all outlined plans for domestic carbon pricing at the World Bank Partnership for Market Readiness (PMR) meetings, being hosted and co-chaired by Australia.
China, the meetings heard, has already embarked on pilot emissions trading schemes in seven cities and provinces.
It intends to expand this to a national emissions trading scheme after 2015.
From 2013, China’s pilot schemes at provincial level will represent the world’s second largest emissions trading scheme.
Costa Rica’s plan is designed to support achievement of its pledge to become carbon neutral by 2021.
Mexico’s plan will focus on reducing emissions from urban transport, new housing and domestic refrigeration.
Chile, meantime, proposes to explore an emissions trading scheme, potentially complemented by a crediting mechanism.
‘China, Chile, Costa Rica and Mexico are among the 90 countries representing 90 per cent of the global economy that have introduced policies to reduce their carbon pollution and achieve reductions,’ Parliamentary Secretary for Climate Change and Energy Efficiency Mark Dreyfus, who addressed one of the meetings, said.
Other countries have also made significant carbon pricing announcements this year, including the Republic of Korea, Norway and Thailand.
Mr Dreyfus used the meeting to highlight the increased opportunities for Australian business as countries across the world shift to low carbon development pathways and link their domestic carbon pricing schemes to the international carbon market.