State-of-play in international carbon markets 2024

• Florence School of Transnational Governance
• FSR: Florence School of Regulation Energy & Climate
• STG Climate

Session as part of the EUI Climate Week 2024.

During this event we will dive into the recent trends in regulated carbon markets and explore their links and connections, including with voluntary carbon markets (VCMs). In the last years, the number of carbon taxes and Emissions Trading Systems (ETSs) has grown worldwide. However, the integration of these systems has progressed slowly due to divergent design features, such as permit types, sectoral coverage, and monitoring methods, reflecting each domestic context. Connections between ETSs and VCMs have also stalled due to concerns about credit quality, monitoring, reporting, and verification issues connected with offsets. Do the recent findings reflect progress towards further integration, and can we detect a trend towards more aligned ambition and more consistent market regulation?

This panel represents the first part of the annual Net Zero Carbon Market Policy Dialogue (NZCMPD) organised under the framework of the LIFE COASE project. The aim of the policy dialogue is to facilitate international carbon market cooperation between the EU and partner jurisdictions on key topics around net-zero regulation and integration of carbon markets. It will assess the state of play on international carbon markets in view of addressing in a later phase the methods and findings of ex-ante and ex-post assessments of the EU ETS and other ETSs worldwide.

This event is organised by FSR Climate and will take place before the opening of the EUI Climate Week 2024.

Moderator:

• Simone Borghesi, Director Florence School of Regulation – Climate, European University Institute

Panellists:

• Baran Doda, Head of Programme Carbon Markets and Pricing, Adelphi
• Jean-Yves Benoit, Director General, Carbon Regulation and Emissions Data, Québec Ministère de l’Environnement, de la Lutte contre les changements climatiques, de la Faune et des Parcs
• Hannah Lewis, Head of Policy for the UK Emissions Trading Scheme, UK Department for Business, Energy and Industrial Strategy
• José Pedro Bastos Neves, Ministry of Finance, Brazil
• Michael Mehling, Deputy Director, Center for Energy and Environmental Policy Research, MIT

Conclusions:

• Mette Quinn, Deputy Director, EU and International Carbon Markets, DG CLIMA, European Commission

Participation in this event is by invitation only and all deliberations will take place under the Chatham House rule (no views or positions may be attributed publicly to any participant).

More information and the full programme of the EUI Climate Week 2024 can be found here.