State and Trends of Carbon Pricing 2025

This is an annual World Bank flagship report. It covers the global state and trends of carbon pricing including carbon pricing mechanisms and carbon markets, including Article 6 of the Paris Agreements. The report is aimed at providing an up-to-date overview of existing and emerging carbon pricing instruments around the world, including international, national, and subnational initiatives. It focuses on identifying key developments relating to all forms of direct carbon pricing – emissions trading systems, carbon taxes, and carbon crediting mechanisms. This year’s report will be the twelfth (in its current format) – building on many decades of World Bank Group’s work in this space. This report was developed together with ClimateFocus and the World Bank team. Trinomics covered the chapter on carbon pricing and ClimateFocus the chapter on carbon markets.