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Valentina Bosetti, Carlo Carraro, Sergey Paltsev, and John Reilly

, remove GHGs from the atmosphere. The Copenhagen pledges for 2020 still keep the 2° C target within reach—should these technologies be successfully developed—but highly aggressive actions would be needed immediately after that. Even the 550 ppm target would become technically out of reach if action by all countries is delayed beyond about 2030. And required near-term emissions prices (in developed economies) consistent with this target escalate rapidly with delayed action to control emissions in developing economies. Postponing mitigation actions, especially in

International Monetary Fund. Asia and Pacific Dept

address this through new proposals in the upcoming ERP. 22. Properly pricing GHG emissions would incentivize emissions reduction . The increase in prices following the liberalization of ETS prices can ensure that emissions prices are economically meaningful to accelerate the take-up of low emissions technologies and invest in carbon abatement. That said, prices will need to rise significantly further to fully reflect the costs of emissions. The exclusion of agricultural emissions from the ETS is a major gap that needs to be addressed as soon as possible, given that it

Ian W.H. Parry, Mr. Simon Black, and Karlygash Zhunussova

usually implemented through a tax on the carbon content of fossil fuel supply. ETSs require firms to acquire allowances for their emissions or the carbon content of their fuel supply with the government controlling the supply of allowances and market trading of allowances establishing the emissions price. Momentum for carbon pricing is increasing globally, though there are large cross-country differences in coverage rates and prices . To date, 30 carbon taxes and 9 ETSs have been implemented at the national level while the European Union (EU) ETS prices emissions in

International Monetary Fund. Asia and Pacific Dept

70 percent in Phase 2 (2018-2020). 14 The ETS cap cumulated over the three years of Phase II was 1,796 MtCO 2e , or on average 599 MtCO 2e a year. In Phase 3 the annual average emissions cap will be reduced 4.7 percent relative to 2017–2019 ETS emissions. Allowances are largely given away for free (based on companies’ 2011–2013 emissions) though 10 percent will be auctioned in Phase 3 15 —EITE industries will continue to receive 100 percent free allowance allocations. 16 Auctions are subject to a minimum price based on recent emissions prices. Various banking