Revenues from carbon pricing to reach record $104 billion in 2023, World Bank

A World Bank report reveals that countries with carbon pricing mechanisms generated a record $104 billion in revenue last year. More than half of the funds went to programs related to climate and nature.

Carbon pricing, implemented through carbon taxes or emissions trading schemes (ETS), is critical to reducing emissions and promoting low-emission growth.

Despite this success, the report highlights that current carbon taxes and emissions trading systems are still insufficient to meet the climate goals of the Paris Agreement. Although 24 % of global emissions are covered by some form of carbon pricing, less than 1 % are subject to prices high enough to limit temperature rise to below 2°C. (Jennifer L, carboncredits.com)