33
REGIONAL 1
NATIONAL 17
SUBNATIONAL 15
Number of governmental
crediting mechanisms implemented
crediting mechanisms implemented
11
REGIONAL 1
NATIONAL 7
SUBNATIONAL 3
Number of governmental
crediting mechanisms under development
crediting mechanisms under development
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Carbon crediting mechanisms are classified according to the type of organization that administers them:
- International: Includes mechanisms established under international treaties and administered by international organizations.
- Independent: Includes standards and crediting mechanisms administered by independent, non-governmental entities.
- Governmental: Includes mechanisms administered by one or several regional, national, or subnational governments.
This map reflects the jurisdictions that administer carbon crediting mechanisms. As such it only shows governmental carbon crediting mechanisms, since international and independent mechanisms are not administered by jurisdictions. For information on host countries see 'Issuance' map.
Governmental carbon crediting mechanisms differ based on status: Crediting mechanisms are considered "implemented" if they have issued credits (or have frameworks in place to allow credits to be used domestically, such as in South Africa).; Crediting mechanisms are considered "Under development/consideration"" if the government is actively working towards the implementation of a specific carbon crediting mechanism, and this has been formally confirmed by official government sources. An "Abolished" mechanism is one that has previously met the definition of 'Implemented' but is no longer in place.
Details of Governmental carbon crediting mechanisms
Compare and sort governmental carbon crediting mechanisms based on a range of criteria. Filters applied to the table are also displayed in the map above.
| Mechanism | Status | Year of Implementation | Scope | Administering Jurisdiction or organisation | Region | Income Group of Administering Country | Price (Range) | Eligible Activities | Compliance CPIs accepting credits generated through mechanism | Cumulative credits issued (ktCO2-e) | Cumulative Projects Registered | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Alberta Emission Offset System | Implemented | 2007 | Subnational | Alberta | North America | High income | The TIER fund price is set at $80 per tonne of CO2e. Credits/offsets typically trade at an unknown discount to that number. | Alberta TIER Regulation and Canadas Output-based Pricing System. | 94,055 | 460 | ||||
Australian Carbon Credit Unit Scheme (ACCU) | Implemented | 2012 | National | Australia | East Asia & Pacific | High income | A$31.96-41.73/tCO2e (US$19.82-25.87/tCO2e ) | The Australian Safeguard Mechanism accepts credits for compliance but is not a direct carbon pricing instrument | 177,870 | 2,832 | ||||
Beijing Certified Emission Reduction Mechanism | Implemented | 2014 | Subnational | Beijing | East Asia & Pacific | Upper middle income | CNY83-110/tCO2-e (US$11.815.5/tCO2-e) (2024) | Beijing pilot ETS | 150 | 1 | ||||
Beijing Forestry Offset Mechanism | Abolished | 2014 | Subnational | Beijing | East Asia & Pacific | Upper middle income | CNY13.8-61/tCO2e (US$2.1-9.28/tCO2e) (2020) | Beijing pilot ETS | - | Not available | ||||
Beijing Parking Offset Crediting Mechanism | Abolished | 2017 | Subnational | Beijing | East Asia & Pacific | Upper middle income | CNY56-130/tCO2e (US$7-19/tCO2e) (2023) | Beijing pilot ETS | - | Not available | ||||
British Columbia Offset Program | Implemented | 2016 | Subnational | British Columbia | North America | High income | CAN$8-15/tCO2e (US$6-12/tCO2e) (2020)
BC does not have regulations requiring the disclosure of price transparency. However, the BC Carbon Neutral Government Program, as purchaser, does publish its offset purchase prices annually: PSO CCARs and annual summary reports - Province of British Columbia The latest is from 2022. | Greenhouse Gas Industrial Reporting and Control Act (GGIRCA) | 17,739 | 92 | ||||
California Compliance Offset Program | Implemented | 2013 | Subnational | California | North America | High income | US$20.88/tCO2e (weighted average price for 2023) | California Cap-and-Trade Program and Québec Cap-and-Trade System | 278,536 | 569 | ||||
Canada Federal GHG Offset System | Implemented | 2022 | National | Canada | North America | High income | Canadas federal Output-Based Pricing System
Clean Electricity Regulations | - | 59 | |||||
Chile Green Tax Emissions Offsetting Scheme | Implemented | 2024 | National | Chile | Latin America & Caribbean | High income | USD 0.5 - USD 5 | Chile's carbon tax | 517 | 16 | ||||
China GHG Voluntary Emission Reduction Program | Implemented | 2012 | National | China | East Asia & Pacific | Upper middle income | CNY2.84-176/ tCO2-e(US$0.40-24.68/ tCO2-e | China National ETS, Beijing pilot ETS, Chongqing pilot ETS, CORSIA, Fujian pilot ETS, Guangdong pilot ETS, Hubei pilot ETS, Shanghai pilot ETS, Shenzhen pilot ETS, Tianjin pilot ETS | 77,000 | 1,049 | ||||
Chongqing carbon offset mechanism | Implemented | 2021 | Subnational | Chongqing | East Asia & Pacific | Upper middle income | CNY19-45/ tCO2-e(US$2.686.34/tCO2-e) | Chongqing pilot ETS | 1,915 | 1 | ||||
Climate Credit System | Under development | Subnational | Catalonia | Europe & Central Asia | High income | - | 0 | |||||||
Colombia Crediting Mechanism | Implemented | 2017 | National | Colombia | Latin America & Caribbean | Upper middle income | Variable.
Its tariff is currently set at COP25.799,56 for 2024. This maximum price is implicit because those who opt for the exemption will choose credits that are below the current carbon tax rate, in order to save money.
According to GoldStandard's Dashboard for the Pacific Alliance, however, prices offered (regardless of the purpose of sale) range from USD 2.75 to USD 29.28. | Colombia's carbon tax | 135,926 | 383 | ||||
Ecuador Crediting Mechanism | Under development | National | Ecuador | Latin America & Caribbean | Upper middle income | - | 0 | |||||||
Egypt Crediting Mechanism | Under development | National | Egypt, Arab Rep. | Middle East & North Africa | Lower middle income | - | 0 | |||||||
EU Carbon Removal Certification Framework | Under development | Regional | EU | Europe & Central Asia | High income | - | 0 | |||||||
Fujian Forestry Offset Crediting Mechanism | Implemented | 2016 | Subnational | Fujian | East Asia & Pacific | Upper middle income | CNY16.542.83/tCO2-e (US$2.305.96/tCO2-e) | Fujian pilot ETS | 2,900 | 20 | ||||
Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) | Implemented | 2024 | National | Saudi Arabia | Middle East & North Africa | High income | - | 0 | ||||||
Guangdong Pu Hui Offset Crediting Mechanism | Implemented | 2017 | Subnational | Guangdong (except Shenzhen) | East Asia & Pacific | Upper middle income | CNY35.28-69.3/tCO2e (US$4.95-9.63/tCO2e) | Guangdong pilot ETS | 3,222 | 546 | ||||
India Crediting Mechanism | Under development | 2026 | National | India | South Asia | Lower middle income | India ETS (Compliance Mechanism) | - | 0 | |||||
Indonesia Crediting Mechanism | Under development | National | Indonesia | East Asia & Pacific | Upper middle income | ETS, with no limit of credits used for compliance. However, the MEMR Regulation no 16/22 only allows for offset credit from the energy sector. Eligible offset source are:
a. New and renewable energy-based generation activities;
b. Transport, construction and industry Subsector activities, including energy efficiency activities; and
c. Other activities in the energy Sector.
Currently no information on use of credits for carbon tax. | - | 0 | ||||||
Indo-Pacific Carbon Offsets Scheme | Abolished | Regional | Australia | East Asia & Pacific | High income | - | 0 | |||||||
J-Credit Scheme | Implemented | 2013 | National | Japan | East Asia & Pacific | High income | Max: JPY9,900/t-CO2 (US$67/tCO2e -Forest) / Min: JPY1,510/t-CO2 (US$10.27/tCO2e - Energy saving) | GX-ETS (under consideration), Saitama ETS | 12,790 | 760 | ||||
Joint Crediting Mechanism | Implemented | 2013 | Regional | Japan | East Asia & Pacific | High income | Not available | GX-ETS (1st phase) | 771 | 102 | ||||
Kazakhstan Crediting Mechanism | Implemented | 2013 | National | Kazakhstan | Europe & Central Asia | Upper middle income | 397 672 Tenge including VAT (354,46 600 Tenge excluding VAT) | Kazakstan ETS | 6,241 | 32 | ||||
Mexico Crediting Mechanism | Under development | National | Mexico | Latin America & Caribbean | Upper middle income | - | 0 | |||||||
Murcia Crediting Mechanism | Under development | Subnational | Murcia | Europe & Central Asia | High income | - | 0 | |||||||
Nova Scotia Crediting Mechanism | ETS | 2023 | Subnational | Nova Scotia | North America | High income | CAD80/tCO2e | Nova Scotia Output Based Pricing System | - | 0 | ||||
Panama Crediting Mechanism | Under development | National | Panama | Latin America & Caribbean | High income | - | 0 | |||||||
Peatland Code | Implemented | 2015 | National | United Kingdom | Europe & Central Asia | High income | - | 0 | ||||||
Portuguese Voluntary Carbon Market | Implemented | 2024 | National | Portugal | Europe & Central Asia | High income | - | 0 | ||||||
Quebec Offset Crediting Mechanism | Implemented | 2013 | Subnational | Quebec | North America | High income | US$18.12/tCO2e (weighted average) (2024)
| Quebec ETS, California ETS | 2,061 | 29 | ||||
Republic of Korea Offset Credit Mechanism | Implemented | 2015 | National | Korea, Rep. | East Asia & Pacific | High income | KRW 8,720 - 24,000/tCO2e (US$6.2-17.1/tCO2e) (2024) | Korea ETS | 55,138 | 1,635 | ||||
RGGI CO2 Offset Mechanism | Implemented | 2005 | Subnational | Connecticut, Delaware, Maine, Maryland, New Jersey, New York, Vermont | North America | High income | US$5/tCO2e (2020) | RGGI | 48 | 1 | ||||
Saitama Forest Absorption Certification System | Implemented | 2010 | Subnational | Saitama | East Asia & Pacific | High income | Not available | Saitama Target Setting Emissions Trading System | 4 | 266 | ||||
Saitama Target Setting Emissions Trading System | Implemented | 2011 | Subnational | Saitama | East Asia & Pacific | High income | JPY144/tCO2e (US$1/tCO2e) (2019) | Saitama Target Setting Emissions Trading System, Tokyo ETS | 14,190 | 1,143 | ||||
Sakhalin Oblast Pilot crediting mechanism | Implemented | 2022 | Subnational | Sakhalin | Europe & Central Asia | Upper middle income | 0 | 2 | ||||||
South Africa Crediting Mechanism | Implemented | 2019 | National | South Africa | Sub-Saharan Africa | Upper middle income | Trading price based on carbon tax rate in a specific year ie. R159/tCO2e in 2023. Carbon tax rate trajectory for 2023 to 2030 is set out in the Taxation Laws Amendment Act of 2022. | South Africa Carbon Tax | 22,690 | 34 | ||||
Spain FES-CO2 Program | Implemented | 2011 | National | Spain | Europe & Central Asia | High income | EUR9.7/tCO2e (2024) | 4,622 | 462 | |||||
Sri Lanka Carbon Crediting Mechanism | Implemented | 2016 | National | Sri Lanka | South Asia | Lower middle income | USD1-2 / tCO2e | 1,824 | 13 | |||||
Switzerland CO2 Attestations Crediting Mechanism | Implemented | 2012 | National | Switzerland | Europe & Central Asia | High income | CHF56-151/tCO2e (US$59-160/tCO2e) (2020) | Producers and importers of fossil motor fuels only | 13,818 | 181 | ||||
Taiwan Voluntary GHG Reduction Program | Implemented | 2015 | Subnational | Taiwan, China | East Asia & Pacific | High income | USD 105.6/tCO2e | Carbon fee and ETS | 26,512 | 101 | ||||
Thailand Voluntary Emission Reduction Program | Implemented | 2014 | National | Thailand | East Asia & Pacific | Upper middle income | THB 283,000/tCO2e (US$0.82-87.6/tCO2e) (2024) | Not applicable | 25,840 | 575 | ||||
Tokyo Cap-and-Trade Program | Implemented | 2010 | Subnational | Tokyo | East Asia & Pacific | High income | JPY200-1,000/ tCO2e (about US$1.27-6.36/tCO2e - Excess emission reductions); JPY4,100-8,200/tCO2e (US$26-52/tCO2e - Renewable energy credits) | Tokyo cap-and-trade program | 22,361 | 1,437 | ||||
UK Woodland Carbon Code | Implemented | 2011 | National | United Kingdom | Europe & Central Asia | High income | £23.3 (2023 volume weighted average per PIU) | Not applicable currently; WCC is monitoring ongoing discussions on integrating removals in the UK ETS | 10 | 590 | ||||
Vietnam Crediting Mechanism | Under development | National | Vietnam | East Asia & Pacific | Lower middle income | - | 0 | |||||||
Voluntary Carbon Credit System | Under development | Subnational | Galicia | Europe & Central Asia | High income | - | 0 | |||||||
Washington Crediting Mechanism | Implemented | 2023 | Subnational | Washington | North America | High income | Vintage 2024 Allowance Auction Settlement Price
Lowest: Auction #5 $25.76
Highest: Auction #8 $40.26
Vintage 2024 Secondary Market
Lowest: 28.72 check - clara
Highest 61.50 check-clara
This link shows the min and max prices during auctions in 2024 for allowances.
ICE secondary market min and max allowance prices during the year 2024 were
$30.34 and $58.64 for vintage 2023
$28.31 and $61.50 for vintage 2024 | Washingtons Cap-and-Invest program allows the use of allowances, and offset credits issued by Ecology to fulfill a portion of an entitys compliance obligation. | 371 | 4 |
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