Operational Carbon Trading Systems

6 operational carbon trading systems

System	Phase	National coverage	Price (2024)	Entities	Trajectory
EU Emissions Trading System	Phase IV (2021-2030)	36%	€70.0	10,700	Steeply tightening
Korea Emissions Trading System (K-ETS)	Phase 3 (2021-2025)	73.5%	$7.50	685	Moderate
California Cap-and-Trade	Through 2030 (AB 398)	75 of state	$41.76	350	Tightening
China National ETS	Expansion phase	42.5%	$13.80	2,200	Expanding coverage
Regional Greenhouse Gas Initiative	2030 cap review	~1 of federal	$16.83	170	Moderate
UK Emissions Trading Scheme	Post-Brexit independent	30%	$45.00	1,100	Reform under Labour

EU Emissions Trading System: CBAM phase-out of free allocations begins 2026; complete 2034. Maritime shipping added 2024. Heavy industry allocation benchmarks reducing 2.5%/year.
Korea Emissions Trading System (K-ETS): Phase 3 closes end-2025. Phase 4 design under way. 10% auction share (up from 3% in Phase 2).
California Cap-and-Trade: Post-2030 reauthorization framework in 2022 Scoping Plan; steeper cap decline post-2030; CDR provisions under CARB rulemaking 2024-2025.
China National ETS: Power sector only; cement, steel, aluminum expansion planned 2026-2028. World's largest by covered emissions.
Regional Greenhouse Gas Initiative: 12 member states. 2030 cap review in progress; Pennsylvania participation under legal dispute.
UK Emissions Trading Scheme: Labour govt (Miliband SoS) designing removals-integration methodology. Alignment with EU CRCF under consideration.