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Global 2023 carbon trading revenues grew to $74 bln, report says

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Reuters or enjoy below:

🗞️ Driving the news: Global revenues from carbon permit sales in emissions trading systems (ETS) surged to a record $74 billion in 2023, marking an increase from $64 billion in 2022
• This rise reflects the growing adoption of ETS as a measure to combat global warming

🔭 The context: The International Carbon Action Partnership's report highlights that jurisdictions representing 58% of the global GDP now utilize an ETS, with 36 systems currently in place and another 22 under development
• The EU ETS is noted as the most established and largest in terms of trading volume and value

🌍 Why it matters for the planet: Emissions trading systems are becoming a pivotal tool for reducing greenhouse gas emissions at a lower cost and faster rate
• The increase in carbon permit prices, especially within the European Union and its British counterpart, has significantly contributed to higher revenues, indicating a robust mechanism for tackling climate change

⏭️ What's next: The expansion and innovation within emissions trading systems are set to continue, as more countries develop or consider ETS
• The focus on making these systems work efficiently for local circumstances suggests a tailored approach to emission reduction globally

💬 One quote: "Emissions trading is a proven policy tool which can cut emissions faster, and at a lower cost, than other options," said Stefano De Clara, head of the ICAP Secretariat

📈 One stat: The EU ETS raised $47.1 billion in revenues last year, a significant portion of the global total

Click for more news covering the latest on carbon market

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