Climate policy

Carbon pricing schemes climb to $50bn, despite Australian backtracking

  • 27 May 2015, 07:30
  • Sophie Yeo

The value of carbon pricing schemes rose to $50 billion in 2015, according to a new assessment by the World Bank.

It outlines its findings in the latest edition of  Carbon Pricing Watch, which examines the state of the world's carbon markets in advance of its more detailed report due later this year.

As of 1 April 2015, emissions trading schemes were valued at $34 billion, up from $32 billion the previous year. This was despite the repeal of Australia's carbon pricing mechanism in July 2014 at the hands of prime minister  Tony Abbott.

Emissions trading schemes are not the only way to put a price on carbon. For the first time, the World Bank has also valued carbon taxes across the world, which it finds amount to $14 billion.

The World Bank calculated the value of emissions trading schemes by multiplying the allowances issued for each scheme, multiplied by the price. Estimates of the price of carbon taxes were based on government budgets for 2015, or by the greenhouse gas emissions covered by the carbon price on 1 April 2015.

All in all, emissions are currently being priced in 39 nations and 23 subnational jurisdictions, as the World Bank map shows below.

Screen Shot 2015-05-26 At 13.11.18

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Analysis: Regional attitudes to climate change across the UK

  • 22 May 2015, 11:00
  • Rosamund Pearce

Do people across Britain think differently about climate change? Or does the UK speak as one voice? Data on regional attitudes to climate change is pretty thin on the ground, but the information that exists from the UK and further afield seems to tell an intriguing story.

A study published earlier this year in  Nature Climate Change found differences in Americans' views on climate change, depending on where they lived.

Based on survey data gathered between 2008 and 2014, people living in the central US tended to be less worried about global warming than the national average, while residents of drought-stricken California showed noticeably more concern.

UK opinion on causes of climate change

Crossing the Atlantic to the UK, YouGov recently  arried out a poll for the Sunday Times, showing how public perception of climate change varies across five regions: London, the South, Wales and the Midlands, the North and Scotland.

Participants were asked which of the following statements they agreed with: the climate is changing as a result of human activity, it's changing but not because of human activity, it's not changing, or they're unsure.

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Limiting global warming to 1.5C is still possible, say scientists

  • 21 May 2015, 14:30
  • Simon Evans

It's still technically possible to limit global warming to below 1.5C this century, according to new research published in Nature Climate Change.

Only a small window of opportunity remains open, the study says - and it is closing rapidly. Global carbon pricing or its equivalent should have been implemented already and must certainly be in place by 2020. The world would then need to become carbon neutral by mid-century.

The new study pitches into a live and vociferous debate over whether the world should be aiming to limit warming to 1.5C or 2C, and whether either target remains achievable. Carbon Brief puts the new study's findings in context.

Limiting warming to 1.5C

So far, the globally agreed target for avoiding dangerous climate change is to limit warming to  no more than 2C above pre-industrial levels. But more than half of the world's nations represented under the UN's Framework Convention on Climate Change (UNFCCC) are in favour of a tougher 1.5C target. These include the least developed and most vulnerable countries, such as the small island states that are already losing farmland to rising sea levels.

UNFCCC review process is underway to try to decide if a 1.5C goal would be more appropriate. Its initial findings include that the impacts of even 1.5C of warming would be "significant" and that a 1.5C limit would be "preferable" to 2C. However, it warns that the science on the impacts of 1.5C compared to 2C is "less robust" and that until new results become available, any decision on strengthening the current 2C goal may need to wait.

Today's new research aims directly into this relative scientific void. It says: "So far, only a few studies have reported scenarios consistent with a 1.5C limit… Here we fill this gap".

To find out if 1.5C remains possible it uses two " integrated assessment models" that represent the world's energy system and economy under different assumptions about the future of global policy, development and growth.

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