The uncertainty surrounding the future of existing carbon markets in recent years has prevented valuable resources from be­ing channeled to low ­carbon investments, particularly from the private sector. Following the economic downturn in 2008–2009 and slow economic recovery in major economies, industrial output plummeted and the demand for carbon assets used for compliance also fell. With limited support, prices reached historic lows. At the same time, several national and sub-national carbon pricing initia­tives are emerging. It is not surprising that several of these new carbon pricing initiatives also include design features intended to prevent similar develop­ments in the future. These emerging initiatives are being tailored to national circumstances and include a range of novel design features, including mechanisms to stabilize the carbon price.

This report replaces the State and Trends of the Carbon Market series. Unlike  in previous years, the report does not provide a quantitative, transaction-based  analysis of the international carbon market as current market conditions invalidate any attempt and interest to undertake such analysis. The development of national and sub-national carbon pricing initiatives in an increasing number of countries calls for a different focus. Thus, this report maps existing and emerging carbon pricing initiatives around the world, hence its new title.