The global value of carbon pricing initiatives is just under $50 (£31.5bn) billion.
The ‘Carbon Pricing Watch 2015’ report states emissions trading systems, which put a price on carbon dioxide (CO2) emissions and is designed to reduce greenhouse gases, have increased from $32 billion (£20.16bn) in 2014 to $34 billion (£21.42bn).
That’s due to the addition of the South Korea emissions trading scheme and the expansion of California and Quebec trading programmes, the report claims.
The research from the World Bank and Ecofys, which studies the progress in carbon pricing over the last 10 years, also found existing carbon tax systems are valued at around $14 billion (£8.8bn) today.
Rachel Kyte, World Bank Group Vice President and Special Envoy for Climate Change said: “Carbon pricing is clearly gaining traction. In the last year, we’ve seen Chile and Mexico join the ranks of countries, cities and states putting a price on carbon.
“With the focus now on action in the run-up to the Paris climate summit in December, business and governments have walked across the battle lines and are now working together on how and how fast to get prices right. There is a growing sense of inevitability to put a price on carbon.”
Around 40 countries and more than 20 cities, states and regions representing almost a quarter of global greenhouse gas emissions, are putting a price on carbon this year, according to the World Bank.