Emissions Trading Worldwide: ICAP Status Report 2025

EMISSIONSTRADINGWORLDWIDE EMISSIONSTRADINGWORLDWIDE INTERNATIONAL CARBON ACTION PARTNERSHIPSTATUS REPORT 2025 CITE AS: ICAP (2025).Emissions Trading Worldwide: Status Report 2025.Berlin: International Carbon Action Partnership. EDITORIAL TEAM: Moir (New Zealand), Government of Newfoundland and Labrador – Department ofEnvironment and Climate Change, William Brooke (Nova Scotia), Michelle Miller(Nova Scotia), Anthony Weatherby (Nova Scotia), Nicole Singh (Oregon), Matt Steele(Oregon), Hadika Jamshaid (Pakistan), Pennsylvania Department of EnvironmentalProtection, Rommel M. Reyes (Philippines), Jonathan Beaulieu (Québec), Jean-YvesBenoit (Québec), Mitémo Chevalier (Québec), Julie Côté (Québec), Steve Doucet-Héon(Québec), Nicolas Garceau (Québec), Olivier Lacroix (Québec), Mourad Ziani (Québec),Maureen Lee (Ecoeye, Republic of Korea), Hyeonjeong Kim (Ecoeye, Republic ofKorea), Government of Saskatchewan – Ministry of Environment, Silvan Aerni(Switzerland), Thomas Kellerhals (Switzerland), Reto Schafer (Switzerland), AdrianSchilt (Switzerland), Krittaya Chunhaviriyakul (Thailand), Asako Suyama (TokyoMetropolitan Government), Masaru Tsuritani (Tokyo Metropolitan Government),Eyüp Kaan Moralı (Türkiye), Aydın Sargın (Türkiye), Mykhailo Chyzhenko (Ukraine),Igor Onopchuk (Ukraine), Olga Yukhymchuk (Ukraine), Rufina Acheampong (UnitedKingdom), Ishtar Ali (United Kingdom), Matthew Davies (United Kingdom), Felix Grey(United Kingdom), Alise Karcevska (United Kingdom), Charlie Lewis (United Kingdom),HannahLewis(UnitedKingdom),BethanyParker(UnitedKingdom),RosannaPellarin (United Kingdom), Chris Ramsay-Collins (United Kingdom), Huy LuongQuang (Vietnam), Brian Woods (Vermont), Clara Harig (Washington), Mike Johnson(Washington), Eli Levitt (Washington), Derek Nixon (Washington), Jordan Wildish(Washington). Katja Biedenkopf, Zhibin Chen, Stefano De Clara, Baran Doda, Leon Heckmann, IrynaHolovko, Martina Kehrer, Stephanie La Hoz Theuer, Trevor Laroche-Theune, AndrésOlarte Peña, Victor Ortiz Rivera, Santiago Ramírez Niembro, Anastasia Steinlein, LewisStevens, Theresa Wildgrube. The ICAP Secretariat expresses its gratitude to policymakers from the ICAP membershipand further collaborators from the emissions trading field, who provided insightfulwritten contributions and/or carefully reviewed the report: Government of Alberta – Ministry of Environment and Protected Areas, AgustinaCundari (Argentina), Department of Climate Change, Energy, the Environment andWater of the Government of Australia, Michael Grabner (Austria), Fengjv Yu (Beijing),José Pedro Bastos Neves (Brazil), Beatriz Soares (Brazil), Scott Cutler (BritishColumbia), Amanda Engel (British Columbia), Erik Davies (California), Rachel Gold(California), Amy Ng (California), Rajmir Rai (California), Stephen Shelby (California),Mark Sippola (California), Environment and Climate Change Canada, Juan PedroSearle Solar (Chile), Isabella Villanueva García (Chile), SinoCarbon (China and ChinesePilots), Clay Clarke (Colorado), Andrew Gruel (Colorado), Shannon Hill (Colorado), AlekKahn (Colorado), Megan McCarthy (Colorado), Matthew Twyman (Colorado), CeciliaWhite (Colorado), Raymond Zeng (Colorado), Luz Alcántara (Dominican Republic),Sara Gonzalez (Dominican Republic), Shakira Jimenez (Dominican Republic), RubenVermeeren (European Commission), Julia Ziemann (European Commission), DanielDetzer(Germany),FrederikLettow(Germany),SophiaStüber(Germany),DirkWeinreich (Germany), Saurabh Diddi (India), Mandeep Kaur (India), Meenakshi (India),Anandini Mayang (Indonesia), Government of Japan – Ministry of the Environmentand Ministry of Economy, Trade and Industry, Botagoz Akhmetova (Kazakhstan),MuhamadRidzwanBinAli(Malaysia),AhmadFaridMohammed(Malaysia),Chris Hoagland (Maryland), Mark Stewart (Maryland), Allison Tjaden (Maryland),William Space (Massachusetts and RGGI), Jelena Ban (Montenegro), Neno Jablan(Montenegro), New Brunswick Department of Environment and Local Government,Jonathan Binder (New York State), Lois New (New York State), Charlotte Berg (NewZealand), Daniel Boczniewicz (New Zealand), Cathy Lawless (New Zealand), Cheryl The ICAP Secretariat is grateful to the Federal Ministry for Economic Affairs and ClimateAction, Germany, for funding this report. adelphi consult GmbH lends scientificand technical support to the ICAP Secretariat and coordinated the compilation andproduction of the report. We wish to thank Katie Kouchakji (KKE Communications) for her careful editing andproofreading of the report, as well as for her communication advice. A special thanks to Hermia Chan, Ezgi Güler, Kamil Matusiewicz and Analia QuiñonesAyala for editorial assistance. This year marks the 10th anniversary of the adoption of the ParisAgreement, a landmark moment in international cooperation, wherenations from all around the world came together to address climate changeand its adverse impacts. Over the past decade, we have seen notable progress,yet we remain distant from achieving our 1.5°