35
REGIONAL 1
NATIONAL 17
SUBNATIONAL 17
Number of governmental
crediting mechanisms implemented
crediting mechanisms implemented
11
REGIONAL 2
NATIONAL 6
SUBNATIONAL 3
Number of governmental
crediting mechanisms under development
crediting mechanisms under development
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Carbon crediting mechanisms are classified according to the type of organization that administers them:
- International: Includes mechanisms established under international treaties and administered by international organizations.
- Independent: Includes standards and crediting mechanisms administered by independent, non-governmental entities.
- Governmental: Includes mechanisms administered by one or several regional, national, or subnational governments.
This map reflects the jurisdictions that administer carbon crediting mechanisms. As such it only shows governmental carbon crediting mechanisms, since international and independent mechanisms are not administered by jurisdictions. For information on host countries see 'Issuance' map.
Governmental carbon crediting mechanisms differ based on status: Crediting mechanisms are considered "implemented" if they have issued credits (or have frameworks in place to allow credits to be used domestically, such as in South Africa).; Crediting mechanisms are considered "Under development/consideration"" if the government is actively working towards the implementation of a specific carbon crediting mechanism, and this has been formally confirmed by official government sources. An "Abolished" mechanism is one that has previously met the definition of 'Implemented' but is no longer in place.
Details of Governmental carbon crediting mechanisms
Compare and sort governmental carbon crediting mechanisms based on a range of criteria. Filters applied to the table are also displayed in the map above.
| Mechanism | Status | Year of Implementation | Scope | Administering Jurisdiction or organisation | Region | Income Group of Administering Country | Price (Range) | Eligible Activities | Compliance CPIs accepting credits generated through mechanism | Cumulative credits issued (ktCO2-e) | Cumulative Projects Registered |
|---|---|---|---|---|---|---|---|---|---|---|---|
Alberta Emission Offset System | Implemented | 2007 | Subnational | Alberta | North America | High income | The TIER fund price is set at $65 per tonne of CO2e. Offsets typically trade at an unknown discount to that number. | Alberta TIER Regulation and Canada’s Output-based Pricing System | 88,589 | 406 | |
Australian Carbon Credit Unit Scheme (ACCU) | Implemented | 2012 | National | Australia | East Asia & Pacific | High income | A$30.50-32.00/tCO2e (US$20.05-21.70/tCO2e - average spot price in Q3 2023) (2023) | The Australian Safeguard Mechanism | 140,400 | 2,048 | |
Beijing Forestry Offset Mechanism | Implemented | 2014 | Subnational | Beijing | East Asia & Pacific | Upper middle income | CNY13.8-61/tCO2e (US$2.1-9.28/tCO2e) (2020) | Beijing pilot ETS | 200 | Not available | |
Beijing Parking Offset Crediting Mechanism | Implemented | 2017 | Subnational | Beijing | East Asia & Pacific | Upper middle income | CNY56-130/tCO2e (US$7-19/tCO2e) (2023) | Beijing pilot ETS | 200 | Not available | |
British Columbia Offset Program | Implemented | 2016 | Subnational | British Columbia | North America | High income | CAN$8-15/tCO2e (US$6-12/tCO2e) (2020) | Greenhouse Gas Industrial Reporting and Control Act (GGIRCA) | 17,151 | 46 | |
California Compliance Offset Program | Implemented | 2013 | Subnational | California | North America | High income | US$20.99/tCO2e (weighted average price for 2023) | California Cap-and-Trade System and Québec Cap-and-Trade System | 256,912 | 521 | |
Canada Federal GHG Offset System | Implemented | 2022 | National | Canada | North America | High income | n/a | Canada’s federal Output-Based Pricing System | 0 | 1 | |
Chile Crediting Mechanism | Implemented | 2024 | National | Chile | Latin America & Caribbean | High income | Chile's carbon tax | 0 | 0 | ||
China GHG Voluntary Emission Reduction Program | Implemented | 2014 | National | China | East Asia & Pacific | Upper middle income | CNY47-109/tCO2e (US$6.6–15.5/tCO2e) (2023) | China National ETS, Beijing pilot ETS, Chongqing pilot ETS, CORSIA, Fujian pilot ETS, Guangdong pilot ETS, Hubei pilot ETS, Shanghai pilot ETS, Shenzhen pilot ETS, Tianjin pilot ETS | 77,000 | 1,047 | |
Chongqing carbon offset mechanism | Implemented | 2021 | Subnational | Chongqing | East Asia & Pacific | Upper middle income | CNY32-43/tCO2e (US$4.5–6.1/tCO2e) (2023) | Chongqing pilot ETS | 1,915 | Not available | |
Climate Credit System | Under development | Subnational | Catalonia | Europe & Central Asia | High income | 0 | 0 | ||||
Colombia Crediting Mechanism | Implemented | 2017 | National | Colombia | Latin America & Caribbean | Upper middle income | Colombia's carbon tax | 135,926 | 383 | ||
Ecuador Crediting Mechanism | Under development | National | Ecuador | Latin America & Caribbean | Upper middle income | 0 | 0 | ||||
Egypt Crediting Mechanism | Under development | National | Egypt, Arab Rep. | Middle East & North Africa | Lower middle income | 0 | 0 | ||||
EU Carbon Removal Certification Framework | Under development | Regional | EU | Europe & Central Asia | High income | 0 | 0 | ||||
Fujian Forestry Offset Crediting Mechanism | Implemented | 2017 | Subnational | Fujian | East Asia & Pacific | Upper middle income | CNY10–20/tCO2e (US$1–3/tCO2e) (2019) | Fujian pilot ETS | 2,900 | 20 | |
Greenhouse Gas Crediting and Offsetting Mechanism (GCOM) | Implemented | 2024 | National | Saudi Arabia | Middle East & North Africa | High income | 0 | 0 | |||
Guangdong Pu Hui Offset Crediting Mechanism | Implemented | 2017 | Subnational | Guangdong (except Shenzhen) | East Asia & Pacific | Upper middle income | CNY17/tCO2e (US$2/tCO2e — unweighted average) (2019) | Guangdong pilot ETS | 2,079 | 180 | |
India Crediting Mechanism | Under development | National | India | South Asia | Lower middle income | India ETS (Compliance Mechanism) | 0 | 0 | |||
Indo-Pacific Carbon Offsets Scheme | Under development | Regional | Australia | East Asia & Pacific | High income | 0 | 0 | ||||
Indonesia Crediting Mechanism | Under development | National | Indonesia | East Asia & Pacific | Upper middle income | ETS, with no limit of credits used for compliance. However, the MEMR Regulation no 16/22 only allows for offset credit from the energy sector. Eligible offset source are:
a. New and renewable energy-based generation activities;
b. Transport, construction and industry Subsector activities, including energy efficiency activities; and
c. Other activities in the energy Sector.
Currently no information on use of credits for carbon tax. | 0 | 0 | |||
J-Credit Scheme | Implemented | 2013 | National | Japan | East Asia & Pacific | High income | Max: JPY9,900/t-CO2 (US$67/tCO2e -Forest) / Min: JPY1,510/t-CO2 (US$10.27/tCO2e - Energy saving) | GX-ETS, Saitama ETS | 9,297 | 544 | |
Joint Crediting Mechanism | Implemented | 2013 | Regional | Japan | East Asia & Pacific | High income | Not available | GX-ETS | 739 | 82 | |
Kazakhstan Crediting Mechanism | Implemented | 2013 | National | Kazakhstan | Europe & Central Asia | Upper middle income | 572-1475 tenge | Kazakstan ETS | 1,097 | 14 | |
Mexico Crediting Mechanism | Under development | National | Mexico | Latin America & Caribbean | Upper middle income | 0 | 0 | ||||
Murcia Crediting Mechanism | Under development | Subnational | Murcia | Europe & Central Asia | High income | 0 | 0 | ||||
Nova Scotia Crediting Mechanism | Implemented | 2023 | Subnational | Nova Scotia | North America | High income | CAD65/tCO2e | Nova Scotia Output Based Pricing System | 0 | 15 | |
Peatland Code | Implemented | 2015 | National | United Kingdom | Europe & Central Asia | High income | 0 | 0 | |||
Portuguese Voluntary Carbon Market | Implemented | 2024 | National | Portugal | Europe & Central Asia | High income | 0 | 0 | |||
Quebec Offset Crediting Mechanism | Implemented | 2013 | Subnational | Quebec | North America | High income | US$20.88/tCO2e (weighted average) (2023)
| Quebec ETS, California ETS | 1,482 | 25 | |
Republic of Korea Offset Credit Mechanism | Implemented | 2015 | National | Korea, Rep. | East Asia & Pacific | High income | KRW 7,400 - 26,800/tCO2e (US$5.6-20.1/tCO2e) (2023) | Korea ETS | 51,330 | 1,351 | |
RGGI CO2 Offset Mechanism | Implemented | 2005 | Subnational | Connecticut, Delaware, Maine, Maryland, New Jersey, New York, Vermont | North America | High income | US$5/tCO2e (2020) | RGGI | 48 | 1 | |
Saitama Forest Absorption Certification System | Implemented | 2010 | Subnational | Saitama | East Asia & Pacific | High income | Not available | Saitama Target Setting Emissions Trading System | 4 | 200 | |
Saitama Target Setting Emissions Trading System | Implemented | 2011 | Subnational | Saitama | East Asia & Pacific | High income | JPY144/tCO2e (US$1/tCO2e) (2019) | Saitama Target Setting Emissions Trading System, Tokyo ETS | 14,190 | 1,143 | |
Sakhalin Oblast Pilot crediting mechanism | Implemented | 2022 | Subnational | Sakhalin | Europe & Central Asia | Upper middle income | 0 | 2 | |||
South Africa Crediting Mechanism | Implemented | 2019 | National | South Africa | Sub-Saharan Africa | Upper middle income | Trading price based on carbon tax rate in a specific year ie. R159/tCO2e in 2023. Carbon tax rate trajectory for 2023 to 2030 is set out in the Taxation Laws Amendment Act of 2022. | South Africa Carbon Tax | 14,710 | 34 | |
Spain FES-CO2 Program | Implemented | 2011 | National | Spain | Europe & Central Asia | High income | EUR9.7/tCO2e (US$11.39/tCO2e) (2023) | 4,422 | 462 | ||
Sri Lanka Carbon Crediting Mechanism | Implemented | 2016 | National | Sri Lanka | South Asia | Lower middle income | 61 | 7 | |||
Switzerland CO2 Attestations Crediting Mechanism | Implemented | 2012 | National | Switzerland | Europe & Central Asia | High income | CHF56-151/tCO2e (US$59-160/tCO2e) (2020) | Producers and importers of fossil motor fuels only | 13,818 | 181 | |
Taiwan Voluntary GHG Reduction Program | Implemented | 2015 | Subnational | Taiwan, China | East Asia & Pacific | Upper middle income | n/a | Carbon fee and ETS | 24,370 | 93 | |
Thailand Voluntary Emission Reduction Program | Implemented | 2014 | National | Thailand | East Asia & Pacific | Upper middle income | THB 25–500/tCO2e (US$0.7-14/tCO2e) (2023) | Not applicable | 17,034 | 383 | |
Tokyo Cap-and-Trade Program | Implemented | 2010 | Subnational | Tokyo | East Asia & Pacific | High income | JPY200-1,100/ tCO2e (about US$1.37-7.46/tCO2e - Excess emission reductions); JPY4,100-7,200/tCO2e (US$28-49/tCO2e - Renewable energy credits) | Tokyo cap-and-trade program | 22,117 | 1,425 | |
UK Woodland Carbon Code | Implemented | 2011 | National | United Kingdom | Europe & Central Asia | High income | £25 (2023 part-year) | Not applicable | 11,000 | 590 | |
Vietnam Crediting Mechanism | Under development | National | Vietnam | East Asia & Pacific | Lower middle income | 0 | 0 | ||||
Voluntary Carbon Credit System | Under development | Subnational | Galicia | Europe & Central Asia | High income | 0 | 0 | ||||
Washington Crediting Mechanism | Implemented | 2023 | Subnational | Washington | North America | High income | Not reported | Washington’s Cap-and-Invest program allows the use of offset credits issued by Ecology to fulfill a portion of an entity’s compliance obligation. | 249 | 2 |
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