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The report is a one stop shop for learning about key developments and prospects of existing and emerging carbon initiatives. A challenging international carbon market has not stopped the development of domestic carbon pricing initiatives. Today, about 40 national and over 20 sub-national jurisdictions responsible for almost one fourth of global greenhouse gas emissions are putting a price on carbon. Together, these initiatives cover the equivalent of almost 6 gigatons of carbon dioxide, or about 12% of global emissions.

Carbon --- Carbon Finance --- Carbon Market --- Carbon Pricing --- Climate Change --- CO2 --- Environment --- Greenhouse Gas --- International Economics and Trade --- Macroeconomics and Economic Growth --- Mitigation --- State and Trends

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The electricity sector is facing its toughest test: eliminate carbon emissions while meeting much larger demands for power and adjusting to massive disruptions in its markets, technologies, business models, and policies. Peter Fox-Penner unwinds the industry's fast-moving challenges and makes realistic recommendations for this essential industry.

Electric power systems --- Renewable energy sources --- carbon pricing. --- clean energy. --- climate policies. --- decarbonization. --- electric power energy. --- electrification. --- energy efficiency. --- green new deal. --- power grid. --- renewable energy. --- utility business models. --- utility of the future. --- utility regulation.

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Carbon pricing is increasingly used by governments to reduce emissions. The effect of carbon pricing on economic outcomes as well as mitigating factors has been studied extensively since the early 1990s. One mitigating factor that has received less attention is education quality. If technological change that reduces the reliance of production on emissions is skill-biased, then carbon pricing may increase the skill premium of earnings and subsequent wage inequality; however, a more elastic skill supply through better education quality may mitigate adverse economic outcomes, including wage inequality, and enhance the effect of carbon pricing on technological change and subsequently emissions. A general equilibrium, overlapping-generations model is proposed, with endogenous skill investment in which the average skill level of the workforce can affect the need for emissions in an aggregate production function. This study uses data on industrial emissions linked to the Organisation for Economic Co-operation and Development's Programme for International Assessment of Adult Competencies dataset for European Union countries. The findings show that, within countries, cognitive skills are positively associated with employment in industries that rely less on emissions for production and in industries that, over time, have been able to reduce their reliance on emissions for production. In the estimated general equilibrium model, higher cognitive skills reduce an economy's reliance on emissions for production. Having higher quality education-defined as the level of cognitive skills attained by workers per unit of cost-increases the elasticity of skill supply and, as a result, mitigates a carbon tax's economic costs including output loss and wage inequity, and enhances its effect on emissions reduction. The implication is that investments in education quality are needed for better enabling green technological innovation and adaptation and reducing inequality that results from carbon pricing.

Carbon Policy and Trading --- Carbon Pricing --- Climate Change Mitigation and Green House Gases --- Education --- Education For All --- Education Indicators and Statistics --- Education Quality --- Emission Reduction --- Environment --- Learning Outcomes --- Skills Development --- Skills Development and Labor Force Training --- Social Protections and Labor

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Although the existing literature identifies a fuel levy imposed by means of a global agreement as the most efficient policy for carbon pricing in the maritime sector, scholars and policy makers debate the possibility for regional measures to be introduced in case a global agreement cannot be achieved. This debate has highlighted several economic, legal, and political challenges that the implementation of an efficient and effective regional scheme would have to face. This paper compares the relative performance of various regional measures for carbon pricing based on the following criteria: jurisdictional basis, data availability, environmental effectiveness and avoidance strategies, impact on competitiveness, differentiation for developing countries, and incentives for reaching a global agreement. The main finding is that, if carefully designed, a cargo-based measure that covers the emissions released throughout the whole voyage to the cargo destination presents various advantages compared with other carbon pricing schemes. These advantages have been largely ignored in the literature.

Carbon Pricing --- CBDRRC --- Climate Change Policy and Regulation --- Data Availability --- Economic Adjustment and Lending --- Energy --- Energy Production and Transportation --- Environment --- Environmental Effectiveness --- Global Environment Facility --- Governance --- Industry --- Judicial Systems Reform --- Jurisdiction --- Law and Development --- Legal Products --- Legal Reform --- Macroeconomics and Economic Growth --- Maritime Emissions --- Public Sector Development --- Regional Measures --- Science and Technology Development --- Social Development --- Social Policy --- Technology Industry --- Technology Innovation

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This study analyzes the potential impacts of a national emission trading scheme on provincial economies in China of meeting China's emission reduction pledges, the Nationally Determined Contributions announced under the Paris Agreement. The study developed a multiregional, multisectoral, recursive-dynamic computable general equilibrium model and calibrated it with the latest provincial-level social accounting matrices (2012). The study shows that meeting China's Nationally Determined Contributions through an emission trading scheme would reduce almost 30 percent of the emission reduction from the business as usual scenario in 2030. If the baseline is corrected based on information from a bottom-up energy sector model, TIMES, the required reduction of emissions from the baseline in 2030 drops by half, to 15 percent. At the national level, the emission trading scheme would cause a 1.2 to 1.5 percent reduction in gross domestic product from the business as usual scenario in 2030. If the baseline is corrected, the impact on gross domestic product drops by two-thirds. The emission trading scheme would cause some provincial economies to gain and others to lose. The economic impacts are highly sensitive to the allowance allocation rules. Not only the magnitudes, but also the directions of the economic impacts alter when the allocation rules change. The provinces that rely on coal mining or coal-intensive manufacturing industries are found to experience relatively larger economic losses irrespective of the allowance allocation rules.

Carbon Policy --- Carbon Policy and Trading --- Carbon Pricing --- CGE Model --- Climate Change Mitigation --- Climate Change Mitigation and Green House Gases --- Computable General Equilibrium Model --- Emissions Trading --- Energy --- Energy and Environment --- Energy Conservation and Efficiency --- Energy Consumption --- Energy Demand --- Energy Policies and Economics --- Environment --- Environment and Energy Efficiency --- Renewable Energy