14 countries tracked with emissions, ETS status, coverage, carbon price, and trade-system impact.
| # | Country | Emissions (Mt) | ETS Status | Coverage | Carbon Price (USD) | Trade Impact |
|---|---|---|---|---|---|---|
| 1 | China | 11,497 | National ETS (2021); power sector only; expansion to cement/ | 42.5% | $13.80 | Power-sector compliance cost is manageable at current ~$13.80/tCO2e. Expected expansion to cement/st… |
| 2 | United States | 4,752 | No federal price. CA Cap-and-Trade + RGGI (11 states); ~7% o | 7.0% | $41.76 | Compliance burden concentrated in CA/RGGI. Post-2030 CA reauthorization (under CARB Chair Liane Rand… |
| 3 | India | 2,649 | No formal ETS; coal cess (~$4.80/ton) + PAT energy-efficienc | 0% | $2.50 | CBAM (EU Carbon Border Adjustment) will impose carbon costs on Indian steel/cement/aluminum exports … |
| 4 | Russia | 1,604 | Sakhalin Island pilot ETS (2022) only; <1% of national emiss | 0.8% | — | EU sanctions + CBAM reshape Russian fossil-export economics independent of domestic carbon pricing. … |
| 5 | Japan | 1,015 | GX-ETS (voluntary 2023, mandatory 2026); carbon tax $2.15/tC | 60% | $2.15 | Mandatory GX-ETS in 2026 creates a compliance market for heavy industry. Ambitious 46% by 2030 emiss… |
| 7 | Germany | 674 | EU-ETS + national ETS (nEHS) for transport/heating; ~85% cov | 85% | $75.00 | Highest integrated ETS coverage. EUA price (~€70/$75) is the dominant marginal cost signal for power… |
| 8 | South Korea | 601 | K-ETS (Phase 3, 2021-2025); Asia's first mandatory ETS; 73.5 | 73.5% | $7.50 | K-ETS Phase 3 closes end 2025; Phase 4 design underway. 685 entities covered across 69 sub-sectors. … |
| 9 | Saudi Arabia | 586 | No compliance ETS; Vision 2030; Riyadh-based Regional Volunt | 0% | — | RVCMC is building a regional voluntary exchange. Aramco is one of the world's largest VCM buyers. Sa… |
| 10 | Indonesia | 567 | Mandatory coal-power ETS (Feb 2023); carbon tax delayed; ~1% | 1.0% | $2.00 | Indonesian coal exporters depend on Japan/Korea demand; both tightening climate policy. Asset-strand… |
| 11 | Canada | 547 | Federal OBPS backstop + fuel charge ($60/tCO2e federal 2024, | 80% | $60.00 | Federal backstop + provincial systems (Alberta TIER, Quebec-CA linkage, BC CleanBC) create complex m… |
| 12 | Brazil | 479 | Cap-and-trade bill passed lower house late 2023; awaiting Se | 0% | — | Future ETS targets entities emitting >25,000 tCO2/year. Brazilian VCM is dominated by forestry (REDD… |
| 13 | Mexico | 419 | Pilot ETS (2020); transition phase; full implementation ~202 | 40% | $4.00 | USMCA trade exposure + CBAM creates supply-chain pressure on Cemex/Ternium exports. Pilot-to-full ET… |
| 14 | South Africa | 416 | National carbon tax (2019); ~80% coverage by scope but allow | 80% | $9.20 | Eskom (world's highest-emitting utility) is central to SA fiscal and energy policy. Sasol CTL (coal-… |
| 15 | Australia | 384 | Safeguard Mechanism (baseline-and-credit, not traditional ET | 30% | — | Safeguard Mechanism reforms (July 2023) tightened baselines; creates ACCU demand. Mining-sector expo… |
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