Australia’s emissions trading scheme ETS, known as the Carbon Pricing Mechanism (CPM), came into force on 1 July 2012 as part of the Clean Energy Future package. As the Minister for Climate Change and Energy Efficiency Greg Combet has stated frequently, Australia is not the only country to have legislated an ETS. In 2010 the Parliamentary Library provided a listing of all ETSs in operation around the world in its Greenhouse gas emissions: still trading after all these years publication. Since then, there has been some progress globally and a number of changes. On 2 May 2012, (for example) the South Korean National Assembly passed legislation for its own type of ETS.
This paper provides an overview of international carbon trading in mandatory schemes and presents the current status on legislated multinational, national and regional ETSs around the globe as at the end of April 2013. New proposals relating to existing schemes and emerging schemes in overseas jurisdictions are made on an ongoing basis, so readers should take account of any new developments when assessing future situations. The paper includes two appendices, a map and a table which summarise and consolidate the information on ETSs for easy reference.