AttributionPlease cite the work as follows: World Bank. 2025.State and Trends of Carbon Pricing2025.Washington, DC: World Bank. DOI: 10.1596/978-1-4648-2255-1. License: CreativeCommons Attribution CC BY 3.0 IGO.TranslationsIf you create a translation of this work, please add the following disclaimer along withthe attribution: This translation was not created by The World Bank and should not beconsidered an official World Bank translation. The World Bank shall not be liable for anycontent or error in this translation.AdaptationsIf you create an adaptation of this work, please add the following disclaimer along withthe attribution:This is an adaptation of an original work by The World Bank. Views andopinions expressed in the adaptation are the sole responsibility of the author or authors ofthe adaptation and are not endorsed by The World Bank.Third-party contentThe World Bank does not necessarily own each component of the content containedwithin the work. The World Bank therefore does not warrant that the use of any third-party-owned individual component or part contained in the work will not infringe on therights of those third parties. The risk of claims resulting from such infringement restssolely with you. If you wish to re-use a component of the work, it is your responsibility todetermine whether permission is needed for that reuse and to obtain permission fromthe copyright owner. Examples of components can include, but are not limited to, tables,figures, or images.All queries on rights and licenses should be addressed to World Bank Publications,The World Bank, 1818 H Street NW, Washington, DC 20433, USA; e-mail:pubrights@worldbank.org.ISBN (electronic): 978-1-4648-2255-1DOI: 10.1596/978-1-4648-2255-1Design: Climate Focus (www.climatefocus.com)Copyediting: EpsteinWords © 2025 International Bank for Reconstruction and Development / The World Bank1818 H Street NW, Washington, DC 20433Telephone: 202-473-1000Internet: www.worldbank.orgSome rights reserved.1 2 3 428 27 26 25This work is a product of the staff of the World Bank with external contributions. Thefindings, interpretations, and conclusions expressed in this work do not necessarilyreflect the views of the World Bank, its Board of Executive Directors, or the governmentsthey represent.The World Bank does not guarantee the accuracy, completeness, or currency of the dataincluded in this work and does not assume responsibility for any errors, omissions, ordiscrepancies in the information or liability with respect to the use of or failure to usethe information, methods, processes, or conclusions set forth. The boundaries, colors,denominations, links/footnotes and other information shown in this work do not implyany judgment on the part of the World Bank concerning the legal status of any territoryor the endorsement or acceptance of such boundaries. The citation of works authoredby others does not mean the World Bank endorses the views expressed by those authorsor the content of their works.Nothing herein shall constitute or be construed or considered to be a limitation upon orwaiver of the privileges and immunities of the World Bank, all of which are specificallyreserved.Rights and PermissionsThis work is available under the Creative Commons Attribution 3.0 IGO license (CC BY3.0 IGO)http://creativecommons.org/licenses/by/3.0/igo. Under the Creative CommonsAttribution license, you are free to copy, distribute, transmit, and adapt this work,including for commercial purposes, under the following conditions: Territories; Greenhouse Gas Inventory and Research Center of Korea (GIR, Ministry ofEnvironment); Guangdong Energy Research Society; Guangdong Provincial Academyof Environmental Science; Guangdong University of Technology; Guangzhou EmissionsExchange; Madhubhasini Gunathilaka; Stephane Hallegatte; Clara Harig; HawaiiState Energy Office; Dirk Heine; Sharlin Hemraj; Valerie Hickey; Aja Ropret Homar;Hubei Carbon Emission Exchange; Hubei Provincial Academy of Eco-EnvironmentalSciences; David Hynes; Heeweon Hyun; Chamika Iddagoda; Iniciativa Climática deMéxico; Jane Jamieson; Vanessa Jaramillo; Kiviluoto Jussi; Ilze Kamarute; MandeepKaur; Hjalmar Richter Korsaker; Juan Labat; William Lheude; Shelby Livingston; LucaLo Re; Juris Lukss; Erik Magnus Fernstrom; Markets Unit, Ministry for the Environment(New Zealand); Bosi Martina; Phillip Mathew; MÉXICO2; Klaas Miersch; Ministerio deAmbiente de Panamá; Ministry of Climate of Estonia; Ministry of Economy, Trade andIndustry (Japan); Ministry of Finance and Economic Affairs (Iceland); Ministry of Finance,Government of Botswana; Ministry of the Environment (Japan); Jan Minx; Gjermund LienMoland; Sebastian Molineus; Mariza Montes de Oca Leon; Marco Murcia; Kuhle Mxakaza;National Center for Climate Change Strategy and International Cooperation (China);National Climate Change Secretariat and National Environment Agency (Singapore);Derek Nixon; Luisa Olivera; Klaus Oppermann; Ndiafhi Patrick Tuwani; Alex Procton;Anasuya