Policy ForumENVIRONMENTAL ECONOMICS

Carbon Market Lessons and Global Policy Outlook

Science  21 Mar 2014:
Vol. 343, Issue 6177, pp. 1316-1317
DOI: 10.1126/science.1246907

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Summary

Prices in the European Union's (EU) Emissions Trading System (EU-ETS) spent 2013 at historic lows. Elected officials have promised to repeal the Australian carbon market. Yet five new regional carbon markets recently began in China, which nearly doubled the volume of emissions covered by trading programs. This follows California's successful launch of its cap-and-trade program in 2013 and its 2014 link to Quebec's market. Are carbon markets seriously challenged or succeeding and on the rise?

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