JOIN THE GCPC

Carbon pricing is an exceptionally flexible and powerful climate policy to align economic incentives with net-zero objectives.

It is one of the most efficient policies to reduce greenhouse gas emissions at the lowest cost, while also incentivizing low-carbon innovation. Carbon pricing is most effective when more countries adopt it – broader coverage means more opportunities to find clean solutions. Through international cooperation, countries can send consistent signals that it cannot be free to pollute.

Launched at COP26, the Global Carbon Pricing Challenge (GCPC) calls on all countries to adopt explicit carbon pricing instruments as part of their suite of climate policies, with a collective goal of covering 60% of global emissions by 2030.

The GCPC is a partnership of countries committed to carbon pricing, supported by key international organizations.

Joining the GCPC provides an opportunity for countries to build on their strong foundations of carbon pricing leadership in partnership with likeminded jurisdictions. This leader-driven initiative sets concrete targets for carbon pricing coverage to drive action and greater ambition. Leveraging the leadership of heads of state and government, the GCPC increases the visibility of carbon pricing as an effective approach in the global fight against climate change.

The GCPC complements existing international carbon pricing initiatives, including the Florence Process, the Carbon Markets Platform, and the World Bank Partnership for Market Implementation, by spotlighting their work, partnering on events and activities, and leveraging additional means to amplify ongoing activities and initiatives. The GCPC also offers technical support to jurisdictions considering or interested in carbon pricing and provides a forum to share best practices and lessons learned in policy development and implementation.

International organizations delivering programs, advocacy, and research on carbon pricing support the GCPC by, for example, sitting on its Technical Working Group, participating in key events, and contributing advice and expertise. Private sector views are incorporated through partnerships with existing platforms such as the International Emissions Trading Association, as well as through private sector participation in events.

  • LEADER-LEVEL DIALOGUE

    A leader-level forum for dialogue to help spur political action and raise the profile of a policy tool that drives least-cost emissions reductions.

  • SETTING TARGETS

    It sets a target for emissions coverage – no other initiative does this for carbon pricing. The overarching GCPC goal will help contextualize international pricing initiatives, encourage greater ambition, and allow us to track progress over time.

  • INTERNATIONAL DISCUSSION

    A forum for countries, international organizations, and other stakeholders to exchange experiences and best practices on expanding and (further) developing carbon pricing instruments. This includes exchanges among countries with well-established carbon pricing instruments and between experienced countries and those that are in the early stages of developing a carbon pricing instrument.

  • GLOBAL COLLABORATION

    An avenue to discuss international considerations related to carbon pricing, such as leveling the playing field internationally in terms of carbon costs, mitigating carbon leakage, and driving increased climate ambition.

Joining the GCPC

Countries with carbon pricing instruments assessed by the World Bank to be “implemented” or “scheduled for implementation” are invited to join as Partners. Partners to the GCPC:

  1. Commit to the collective goal of increasing explicit carbon pricing globally;

  2. Offer to share technical support and lessons learned with jurisdictions looking to adopt and implement carbon pricing systems; and

  3. Identify opportunities to strengthen their own domestic pricing systems, and work to increase the coverage, effectiveness, and stringency of those systems over time.

After joining the Challenge, the nature of Partners’ participation is flexible, and could include:

  • Sending representatives to the Technical Working Group, and/or the Advisory Committee;

  • Showcasing progress on carbon pricing at major international events;

  • Further outreach on carbon pricing through existing or new networks;

  • Sharing experience and technical expertise on carbon pricing to support countries implementing carbon pricing systems.

Any country or jurisdiction with a clear interest in carbon pricing may join as a Friend of the Challenge. Friends of the GCPC may send representatives to the Technical Working Group and could participate in exchanges to receive tailored support for their efforts to implement carbon pricing.

“Driving Change: A Ministerial Event on the Global Carbon Pricing Challenge”, COP28 in Dubai

From left to right: Hyoeun Jenny Kim, Ambassador and Deputy Minister for Climate Change, Republic of Korea; Simon Watts, New Zealand Minister of Climate Change and Minister of Revenue; Romina Pourmokhtari, Minister for Climate and the Environment, Sweden; Mansur Oshurbayev, Vice Minister of Ecology and Natural Resources, Republic of Kazakhstan; Steven Guilbeault, Minister for Environment and Climate Change Canada; Catherine Stewart, Canada’s Ambassador for Climate Change; and Mary Burce Warlick, Deputy Executive Director of the International Energy Agency.

Contact us.

For general inquiries or information about joining the GCPC: info@globalcarbonpricingchallenge.org