Global Carbon Revenues Triple To $107bn In 2025

Global revenues from carbon pricing mechanisms reached $107 billion in 2025, three times the level recorded a decade ago, according to the World Bank's State and Trends of Carbon Pricing 2026 report.

Biodiverse rainforest symbolizing nature-based carbon credits. AI generated picture.

Emissions trading systems contributed the bulk of that figure at $87 billion, with carbon taxes making up the remaining $20 billion. The World Bank counted 87 active carbon pricing instruments worldwide, an increase of seven on the previous year.

Together, these mechanisms now cover just over 29% of global carbon emissions. The report estimates that coverage would extend to approximately one-third of global emissions if instruments currently under development in several major emerging economies were brought into force.

The trend towards broader adoption is evident across income groups. All large middle-income economies have either introduced or are actively planning a carbon pricing scheme. Among the most recent additions are India's Carbon Credit Trading Scheme (CCTS), Vietnam's ETS, and Japan's GX-ETS system.

The average global carbon price reached $21 per tonne of CO₂ equivalent (tCO₂e) in 2025. That marks a 7% rise year-on-year and a doubling over the past decade. Prices vary widely across jurisdictions: Norway's carbon tax approached $170/tCO₂e at the top end, with Indonesia, Ukraine, and Poland each reporting prices of less than $1/tCO₂e, according to the World Bank's carbon pricing dashboard.

The data reflects sustained momentum behind carbon pricing as a regulatory instrument, with both the number of active schemes and average price levels on an upward trajectory.