Name | Dates and target | Per cent of emissions covered | Industries covered | Assistance to exposed industries | Permit price |
Kyoto Protocol (second commitment period) | 1 January 2013 to 31 December 2020
13% -18% below 1990 levels by 2020 | Not known | Energy, industrial processes, solvents and other product use, agriculture, waste and land-use, land-use change and forestry | None | CERs are trading at less than €0.08 ($A0.10, April 2013) |
EU ETS | -Phase 1 (2005-2007): Trial phase with modest abatement aims
-Phase 2 (2008-2012): 8% below 1990 levels
-Phase 3 (2013-2020): 21% on 2005 levels | -Phase 1: 40%
-Phase 2: 40%
-Phase 3: 43% | -Phase 1: power generators and energy-intensive industry (only CO2)
-Phase 2: power stations & other combustion plants, oil refineries, coke ovens, iron & steel plants & factories making cement, glass, lime, bricks, ceramics, pulp, paper & board (mainly CO2 but some N2O optional)
- 2012: add aviation -Phase 3: add petrochemicals, ammonia & aluminium + N2O emissions from production of nitric, adipic & glyocalic acid production & PFCs from aluminium sector + emissions from CCS | -Phase 1: 95% of permits for free
-Phase 2: 90% of permits for free
-Phase 3: less than 50% for free; none for the power sector; industry get free permits up to 80% of benchmark; heavy emitters get free permits up to 100% of benchmark | Curently about €3.9
($A4.90, April 2013) |
Australia's Carbon Pricing Mechanism | Started in 2012 and targets 5% below 2000 levels by 2020 | About 60% | Electricity generation, mining, industrial processes, fugitive emissions, non-legacy waste and construction | 66% of permits for free to moderately emissions intensive activities and 94.5% for highly emissions intensive activities. | Starting at a fixed $A23 for 2012–13 |
NZ ETS | Started in 2008 and targets 10% to 20% below 2000 levels by 2020. | About 50% | - 2008: forestry
- 2010: liquid fossil fuels, stationary energy & industrial processes | All permits free to emissions-intensive, trade exposed, some free to forestry | About $NZ2 ($A1.60, April 2013) |
Swiss ETS | Started in 2008 an targets 20% below 1990 levels by 2020 | Not known | Same as EU ETS | None to the power sector; Free permits to EITE based on benchmarks of industry-wide emissions intensity and an adjustment factor based on relocation risk of different industries | Not known |
South Korean ETS | Will start in 2015 and target 45% below 2005 levels by 2020 | About 60% | All industry, buildings & power generation | 100% of permits for free, decreasing gradually from 2018 | N/A |
Kazakhstan ETS | Started in 2013 and targets 15% below 1990 levels by 2020 | About 80% | Manufacturing, mining, metallurgy, chemicals, agriculture & transport | Not known | Not known |
Regional Greenhouse Gas Initiative (RGGI) | Started in 2009 and targets 10% on 2009 levels by 2018 | About 25% | Power generation | None | About $US2.55
($A2.50 April 2013) |
Californian cap-and-trade | Started in 2013 and targets 1990 levels by 2020 | About 35% 2013–15
About 85% from 2015 | Electricity generation and industrial sources | Free permits for 90% of average emissions, based on a benchmark. Amount of free permits decreases annually | Around $US14.50 ($A14.10 April 2013) There is an auction floor price of $US10.71 |
Quebec cap-and-trade | started in 2013 and targets 20% on 1990 levels by 2020 | 25 to 30% 2013–15
75-80% from 2015 | Power generation, mining and manufacturing | Free allocation of 80% or 100% depending on the type of emissions | N/A There is an auction floor price of $C10.50 (+inflation) increasing by 5% annually. There is also an allowance reserve to cap price at $C40 to $C50 |
Alberta-Based Greenhouse Gas Reduction Program | Started in 2007 and targets a 12% reduction in emissions intensity of covered entities | About 50% | Power and heat generation, industry | N/A | Between $C8 and $C12 in 2010 |
Tokyo cap-and-trade | Started in 2010 abd targets 6% below base-levels by 2014 and 17% by 2019 | About 20% of total Tokyo emissions | Buildings and industrial facilities from industrial, commercial, residential and transport sectors | All permits are allocated free | Around $US100 ($A95.50 Dec 2012) |
Saitama cap-and-trade | Started in 2011 and targets 7% below base-year levels by 2014 | Not known | Same as Tokyo | All permits are allocated free | Not known |