I:BusinessCarbonPricingAdvocacy

I:CapandTrade

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I:CarbonPriceForecasting

I:CarbonPricingandEmissionsReductions

I:CarbonPricingandTechnologyInnovation

I:CarbonPricingHistoryandTrends

I:CarbonPricingImpacts

I:CarbonPricingPoliticalFeasibility

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I:CarbonTaxation

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I:TargetBasedCarbonPricing

I:UseofCarbonRevenues

S - Carbon Markets

S - Carbon Price Forecasts

S - Carbon Pricing Futures

S - Carbon Pricing History and Trends

S - Carbon Pricing in the Electricity Sector

S - Carbon Pricing Policy as Business Risk

S - Carbon Pricing Sources

S - Carbon Pricing System Design

S - Evaluating Carbon Pricing

S - Impacts of Pricing Carbon

S - Internal Corporate Carbon Pricing

S - National and Global Carbon Pricing

S - SCC Social Cost of Carbon Sources - Topical

S - State and Local Carbon Pricing

S - Taxing Carbon

S - Why and How of Pricing Carbon

N - Carbon Price Forecasting

N - Carbon Pricing Advocacy

N - Carbon Pricing Impacts

N - Carbon Pricing News - Topical

N - Carbon Pricing Trends

N - Evaluating Carbon Pricing

N - Internal Carbon Pricing - Business and Other

N - SCC News - Topical

N - State Carbon Pricing

N - Taxing Carbon

V - Carbon Pricing

E - Business Carbon Pricing Advocacy

E - Cap and Trade Performance

E - Carbon Price Design

E - Carbon pricing politics

E - Carbon Pricing Coverage

E - Carbon Pricing History and Trends

E - Carbon Pricing Impacts

E - Carbon Pricing Required for Emissions Targets

E - Carbon Pricing Scenarios and Forecasts

E - Carbon Taxation

E - Company-Specific Carbon Pricing

E - Evaluating Carbon Pricing

E - Implict Carbon Price of Policies and Measures

E - Internal Business Carbon Pricing

E - Negotiating a Global Carbon Price

T - Carbon Pricing Individuals

T - Carbon Pricing Networks

I:CarbonPricinginScenarioPlanning

2013 CDP_Use of internal carbon price by companies

Carbon Pricing for Paris Agreement

Carbon Pricing in Brief

Carbon Pricing Intro

Carbon Pricing Rules of Thumb

Implicit Carbon Pricing

Scoping Out the Topic of Carbon Pricing

Summing Up the Options for Carbon Pricing

E - Business Carbon Pricing Advocacy

E - Cap and Trade Performance

E - Carbon Price Design

E - Carbon pricing politics

E - Carbon Pricing Coverage

E - Carbon Pricing History and Trends

E - Carbon Pricing Impacts

E - Carbon Pricing Required for Emissions Targets

E - Carbon Pricing Revenues and Use

E - Carbon Pricing Scenarios and Forecasts

E - Carbon Taxation

E - Company-Specific Carbon Pricing

E - Efficient Optimal Carbon Pricing

E - Evaluating Carbon Pricing

E - Implict Carbon Price of Policies and Measures

E - Internal Business Carbon Pricing

E - Negotiating a Global Carbon Price

E - SCC as Carbon Price

E - Sectoral Carbon Pricing and Pathways

E - Shadow Pricing

2007 Carbon Prices Will be Important in Determining Which Clean Technologies Are Viable

2008 Emissions scenarios for aluminum production to 2050

2009 $20/ton Carbon = 15-30% Rise in Electricity Rates

2009 Carbon regulation would reshuffle the aluminum industry's cost curve

2009 The progression of carbon pricing

2009 When will natural gas actually displace coal?

2010 Fig 5. Tail risk vs. carbon tax

2010 Fig 6

2010 Final analysis - SCC values at alternative discounts, and 95% percentile

2010 GDP Impacts of up to 4 C Change for Multiple Models

2010 GDP Impacts of up to 10 C Change For Multiple Models

2010 Industry winners and losers after inclusion of carbon prices

2010 Probability density of GDP under model runs with $0, $50, and $500 carbon prices

2010 Regret analysis for alternative carbon taxes

2010 Welfare probabilities shown against $50 and $500 carbon taxes

2010 Winners and losers in a U.S. carbon market

2012 Carbon price forecasts for different utilities

2012 Price forecasts for different pieces of legislation

2012 Synapse price forecast

2013 Carbon price required to limit change to 2.5 degrees

2013 Estimated effective carbon prices in the electricity sector

2013 Estimated effective carbon prices in the road transport sector

2013 Existing, Emerging and Potential emissions trading programs

2013 Impact of a $25/ton carbon price on household expenditures

2013 SCC models are commonly characterized by a continued growth trajectory, regardless of climate change

2013 What do all of the 2010 IAMs estimate at a 3% discount rate

2013 World Bank tabulation of carbon prices

2014 150 major corporations - 29 in US, have an internal carbon price

2014 200 Companies Are Engaging Policy-makers to Support Carbon-pricing Legislation

2014 500 companies globally report they are regulated by global carbon markets

2014 Global GDP has been closely tied to fossil fuel use

2014 Impact of carbon pricing on electricity outages

2014 Installed generation mix based on different carbon prices

2014 Levelized costs of energy with a 50E carbon price

2014 Map page 1

2014 Map page 2

2014 Using a realistic payment probability shows the significant different between expected carbon price and expected carbon payment

2015 4. Other ways to get to same objective, e.g. $30/ton carbon tax

2015 Attributes of carbon fee vs. shadow price

2015 Carbon prices used by 19 companies disclosing price

2015 Companies using internal carbon prices

2015 Consumer Discretionary

2015 Consumer Staples

2015 Darwinism Curve with ($4) minimal carbon pricing

2015 Darwinism Curve with $25 adn $50/ton carbon pricing

2015 Emissions reductions associated with efficient carbon pricing

2015 Energy

2015 Financials

2015 Global 500 advocacy on carbon pricing

2015 Global coverage is increasing quickly

2015 Health Care

2015 How are companies engaging on government carbon pricing

2015 How shadow prices drive decision-making

2015 Implications of a $100/ton carbon price

2015 Industrials

2015 Information Technology

2015 Internal carbon prices vary significantly based on whether a "fee" or a "shadow price"

2015 Internal carbon pricing various sectors are using

2015 Internal voluntary carbon prices by sector

2015 Materials

2015 Most Common Benefits and Challenges

2015 Other ways to get to same objective, e.g. $30/ton carbon tax

2015 Overview of existing and emerging carbon pricing instruments

2015 Prices of existing carbon pricing instruments

2015 Recommended pricing reporting guidance

2015 Selected companies with a carbon price

2015 Solar and wind costs translated into $/ton CO2

2015 Telecommunications

2015 The non-climate benefits and costs of CO2

2015 Utilities

2016 1,249 companies are pricing or planning to price carbon

2016 4 carbon pricing scenarios for 2030

2016 37 companies reported a direct link between carbon pricing and tangible change

2016 94% of analysts don't focus on earnings after 5 years

2016 Agent-based models show more realistically abatement potentials and costs

2016 Although a reliability-based shadow price gives very different results

2016 Auction results for RGGI and California

2016 Box plots for economic damages and social cost of carbon

2016 Carbon price and emissions coverage across the board

2016 Carbon pricing initiatives, with sectoral and GHG coverage

2016 Carbon taxation vs. emissions trading

2016 CER, ERU and voluntary offset issuance and prices to date

2016 Chronology of compliance carbon instruments

2016 Compliance based carbon pricing instruments

2016 Current carbon pricing coverage

2016 Examples of utility price forecasts

2016 Exxon's proposed internal carbon price trajectory

2016 Figure 1 - impact of material carbon price

2016 Growth in number of carbon pricing initiatives

2016 Horizontal vs. vertical perspective on carbon pricing

2016 Horizontal vs. vertical perspective on carbon pricing

2016 How abatement costs are often thought of

2016 Impact of policy distortions on apparent abatement cost

2016 Impact of policy distortions on apparent abatement cost

2016 Impact of WAIS collapse by 2200 modest in terms of suggested SCC

2016 Impact of WAIS collapse by 2200 modest in terms of suggested SCC

2016 Internal carbon prices vs offset prices

2016 Internal carbon pricing

2016 Mandatory vs. internal carbon prices for several jurisdictions

2016 Mapping GHG productivity along value chains

2016 Mapping GHG productivity along value chains

2016 Oil production costs vary widely

2016 Oil production costs vary widely

2016 Overview of carbon pricing by the numbers

2016 Overview of carbon pricing by the numbers

2016 Position of companies on introducing carbon pricing

2016 Position of companies on introducing carbon pricing

2016 Potential price impact of global carbon price after revenue recycling

2016 Prices in existing carbon pricing initiatives

2016 Sectoral responses to carbon pricing survey

2016 Summary of carbon pricing initiatives

2016 There is no demand for long-term analysis (19)

2017 10 year and 35 year results

2017 35 year sensitivity

2017 Carbon price corridor for the power sector

2017 Carbon pricing corridor compared to other pathways to a 2oC scenario

2017 Carbon pricing could cover costs of universal access to basic services

2017 Carbon pricing scenarios for switching to coal with CCS or Nuclear

2017 Carbon revenue recycling can benefit poor

2017 Carbon revenues could significantly expand social assistance

2017 Estimated marginal abatement costs under the IEA 2oC scenario

2017 Expected cost of carbon

2017 Heat maps - sensitivity of asset classes to climate risk factors

2017 OPTrust TRIP Expsoures

2017 Risk factors illustrated relatively by scenario

2017 Sensitivity to TRIP risk factors by OPTrust greatest over short term

2017 Share of global emissions under a carbon price

2017 Snapshot of the status of carbon pricing

2018 Companies using carbon pricing or preparing to

2018 Recent trends in carbon pricing

2018 The carbon pricing gap for OECD and G20 Countries

2021 Calculated components of the price of carbon facing Norwegian motorists as of 2019

2021 IPR carbon price policy forecast

2021 Voluntary carbon credit prices and demand 2019 by project type

2021 Voluntary carbon credit prices and demand 2019 by vintage

Additional design considerations - 1

Attributes of carbon fee pricing

Attributes of carbon shadow pricing

Australian Carbon Prices and Food Prices

Availability of nuclear option greatly complicates adoption of wind

Average abatement cost in 2016 for multiple ETS

Calculated "marginal" benefit cost ratio for 2011

Carbon price impact stress-testing approach

2013 Carbon price required to achieve EU targets varies widely

2017 Carbon Price scenario analysis to meet 2 degree target

Carbon Pricing by Country

Carbon Pricing Coverage by Country

Carbon taxes around the world

Cheap energy is important for less poverty and better health

CO2 content and tax rates for fossil fuels at $49/ton CO2

CO2 Values used by utilities in resource planning

Coal keeps electricity prices down

Comparison of relevant signposts within physical climate scenarios

Design and Implementation steps for a carbon market

2010 Economic implications of alternative carbon tax levels

Equity holds of financial actors, top 15 funds, and top 15 banks

European company carbon prices

FASTER principles for successful carbon pricing

First and second round bank equity losses

Forward looking benefit cost ratios

Framework for evaluating ETS performance (1)

Framework for evaluating ETS performance (2)

GDP will continue to rise rapidly

How Carbon Translates To Energy Prices

How the Corridors can be used

2017 IAM generated carbon pricing to achieve the 2oC target

Impact of Carbon Pricing

Impact of delaying action for 10 years

Impacts of Australia's carbon tax

Impacts of BC's carbon tax

Income implications of $49 carbon tax with revenue recycling options

Income implications of $49 carbon tax without revenue recycling

Integrated implementation scenarios 2010 - 2030

Internal carbon pricing in North America - 1

Linking real assets to financial portfolios (9)

Low carbon impact smart beta portfolio

2017 Making wind competitive against coal requires very different regional carbon pricing

2014 Nationally efficient CO2 prices - selected emitters 2010

Norway's carbon tax experience

Number of companies planning to price carbon up 23% from 2015

Objectives of the report

One can project the "CO2 Yield for Crops in the Future

Overall assessment of ETS regime performance

Portfolio impacts at 10 years

Portfolio impacts at 10 years

Portfolio impacts at 10 years

Prices Based on Atmospheric Stabilization

Prices Based on Political Reality

Prices Based on Stalemate

Reclassified NACE sectors to climate-policy-relevant sectors

Relative price increases based on carbon tax scenarios

Relative sector impact on PBT by 2020

Revised 2013 Social Cost of CO2, 2010-2050 ($2007)

Risks are long-term, investment focus short-term

Setting a corporate price on carbon

Six principal design choices in pricing carbon

Subtracting out benefits of energy from non-fossil fuel sources

Summary of carbon tax survey results

Tax, net revenue, and emissions under a carbon tax (main case)

Tax, net revenue, and emissions under a carbon tax (rapid technology progress)

Testing 2D alignment for real assets

Testing the alignment of real assets with a 2D target (4)

The 2oC Framework

The 2oC portfolio approach

The benefit cost ratio for CO2 is huge

The social cost of carbon emissions

The study concluded that policy and technology change in risk, but impacts almost irrelevant

Transition scenarios - IEA outlook to 2040

Translating a 2oC scenario into a 2oC benchmark - 1

Utility scenarios for carbon prices vary widely

Visualizing Carbon Pricing GIF to 2017

Voluntary vs. mandatory ways to respond to scenario challenges

2011 Infographic - Carbon price - key figures (Australia)

Infographic - Carbon Pricing in Canada

Brownstein, Mark S. - Environmental Defense

1. Fairness - equitable distribution of benefits and costs

1 in 5 CDP respondents reported planning to price carbon

2. Alignment of Policies and Objectives - Alignment is good

3 sources of uncertainty in forecasting emissions

3. Stability and Predictability - Predictability is good

4. Transparency - Transparency is good

5. Efficiency and Cost-Effectiveness - Efficiency is good

6. Reliability and Environmental Integrity - Environmental impact is good

84% of survey respondents held lax policy beliefs

437 companies report an internal carbon price in 2015 up from 150 in 2014

726: Expects ARB to bring in more offsets to keep allowance prices down. What's the acceptable price? 25-30?

731: Cap and Dividend can't possibly win at the polls

731: Even if Republicans say they like a revenue-neutral carbon tax, the support won't make it to the election

731: Even Oregon, the greenest state in the U.S., couldn't pass a Cap and Dividend ballot measure

731: The only chance for Cap and Dividend would be a state without ballot initiatives

731: Voters basically say that if you're not going to return the money, you should be spending it on "good things."

875: Actually easier to sell to some Republicans than some Democrats

875: CCL from 182 letters to editor in 2011 to over 1000 this year. Starting to get a lot of editorial in favor of a carbon tax

875: Doubling every four years. Optimistic, but if had to be would bet against success

875: Just nutty to think offsets can work

875: Politicians don't create political will. They respond to it. We can change political environmental and outcomes

875: Thinks that when price of carbon rises, seeing a check every month is the approach for maintaining support

875: Would eliminate ALL energy subsidies

1000+ companies do or will price carbon emissions

1968 - First discussion of market-based caps and tradable allowances

1990's - First carbon pricing instruments in Scandinavia

2006 - First program in the U.S. (California) to enact an economy-wide carbon target

2008 The potential impacts of carbon regulations on energy sources is very uncertain

2012 What are the ranges of carbon prices used by other utilities?

2013 29 Companies Disclose an Internal Carbon Price

2013 Abatement achieved with individual instruments addressing electricity generation

2013 Impact of a $25/ton carbon price on fossil fuels

2013 The problem of self-interest, showing the impacts of a $25/ton tax on production costs.

2015 Why do it?

2016 A true climate dividend plan plays well with the public

2020-2030: Carbon pricing must exceed $400/ton by mid-century

A carbon charge would produce revenues for years to come

A climate dividend could help tackle inequality

A climate dividend plan could offer a grand bargain

A climate dividends plan tackle's Kaheman's loss aversion theory

A firm and credible ceiling price

A harmonized carbon price has a built-in self-enforcing mechanism that counters free riding

A harmonzed carbon price does create a countervailing force

A huge range in carbon taxation and economic coverage

A hybrid carbon price mechanism has advantages

A lack of public participation in carbon markets is the "missing link"

A ratchet mechanism is likely to lead to reduced ambition

A variety of carbon pricing case studies provided, but generally not possible to interpret

AB 32 Compliance Snapshot

AB32 Allowance budget vs actual emissions

AB32 auction revenue distribution

AB32 Coverage Snapshot

AB32 Impacts

AB32 Offset Sectors

Abengoa

Abstract

Abstract

Abstract

Additional design considerations - 2

AEP - "we factor a cost"

AEP - Uses unspecified price in IRP process to capture future regulatory risk

Alberta's tradable carbon performance standard

All tons of CO2 should be priced equally

Alongside the PAL price the US SCC appears the only credible pricing alternative

Ameren $30 in 2025

An an international cap and trade system is hard to figure out

An emissions cap establishes no countervailing force

An escalating carbon tax would pack a real punch

An Executive Order could require carbon proxy pricing

Any quantity-based target is doomed by free-rider issues

Apache -

Arguments like Naomi Klein's are exactly the wrong arguments to avoid triggering loss aversion

As governments take real action, carbon prices could rise

Author's hypothesis that practitioners in 2005-6 saw many ways to avoid paying CO2 price

Average voluntary market prices should rise to $20-50/tCO2e by 2030

Avoid the distraction of debating the internal carbon price

Based on models that reflect emissions uncertainty, carbon taxes outperform tradeable permits

BC's carbon tax

Ben & Jerry's

Border tax adjustments

Bottom line is that carbon taxes can be useful, but at politically feasible levels impacts have been modest

BP

Braskem

British Columbia's carbon tax proves two things

But climate ambition and perceived narrow self-interest are contradictory

But costs of too aggressive mitigation efforts could be worse than the problem

CA emissions trends to 2013

Cap and trade did not lead to a common carbon price - far from it

Cap and trade should have passed, but didn't. Cap and dividend can't pass

037 Cap-and-trade while has not proven to be substantial driver of investment in new clean energy projects

Carbon markets catalyzed large scale funding into climate-smart development

Carbon price paths

Carbon price signals need to be credible and predictable

Carbon prices intended to change behavior have to stand out from the noise

Carbon pricing corridors will help bring certainty to accelerating emissions reduction efforts

Carbon pricing leading to abatement does impose costs - abatement costs money

Carbon pricing mechanisms could soon reach almost 50% of global emissions

Carbon Pricing Corridors can help manage climate risks

Carbon Pricing Corridors Initiative provides a benchmark for business and investors

Carbon tax is up to $132 in 2017

Carbon taxation is the obvious answer, but advocates have yet to find a winning policy and political formula

Carbon Trust Offset Portfolio

CDP questionnaire guidance

Cemex

Christine Todd Whitman - Renewables and other investments all look more attractive with a carbon price

Clothing

CMS Energy

Colorado PUC set $20/ton as a reasonable starting value

Common elements of establishing an internal carbon rice

Companies are beginning to assume a future carbon price

Companies are listed, but very few apparently disclose what the price is

Companies are preparing for carbon pricing

Companies are pricing carbon internally and supporting policy-based pricing

Companies can ask relevant questions like

Companies using "shadow pricing, " internal fees or trading, " and "implicit pricing"

ConocoPhillips

ConocoPhillips Carbon Pricing inour decision-making

Consider allowing more offsets

Construction

Consumers appear to respond more to a carbon tax than to equivalent change in oil price

Cost of delaying carbon tax imposition is high

CPLC launched to spearhead ambitious carbon pricing

Cummins

Delta

Deriving PAL REACT

Devon Energy $15

Did the Synapse low carbon price make a difference?

Differentiation of responsibilities should be accomplished through the Green Fund

Discusses up to $40/ton

Doing so for several reasons

Duke Energy

E.I. du Pont

EDF

Education, medical care, etc.

Electricity use

Eliminates huge trading risks

Emissions taxes

Emissions trading systems

Enabling environment and regulatory framework are important to carbon pricing

Energy intensity pre- and post-carbon tax

Energy pricing has been shown to drive changes in investment and use of emission-intensive technologies

Enhanced carbon audit has three layers

Entergy

Environmentalists should agree to replace CPP with a carbon tax because it reduces uncertainty

Eskom

EU ETS

EU ETS Challenges

EU ETS Program Snapshot

Even in the face of uncertainty, would be unreasonable to assume a $0 price on carbon

Everyone is committed to getting a price on carbon in the region

Everyone seems better off when the price is based on collective outcomes

Evidence suggests that carbon taxes have contributed to energy and carbon reductions

Examples of required information for establishing an internal carbon price

Exelon - "used price on carbon to rank abatement measures" ???

Existing carbon pricing systems

Exxon clearly used GHG costs in determining the financial viability of projects

Exxon has disclosed the carbon prices it uses internally

Exxon has justifiably used different carbon price proxies for different purposes

Exxon Mobil ($60 by 2030)

Exxon would support a revenue neutral carbon tax

Final consumption categories used

Financial instruments can be used to lower upfront costs of mitigation actions

Financial intermediaries and speculators have purchased more than 20 million allowances

First compliance deadline is November 1, 2015 - covering 2013-2014 emissions

First negotiate a green fund, then a carbon price

Food and Tobacco

For a 2 degree scenario there is a plausible carbon price path

Free-ridership cascades into failure

Fuel taxes

Fuel use for heating and cooking

Furniture and household appliances

GE

Global carbon pricing addresses the 4 decisive failures of cap and trade

Goal is to double extent of carbon pricing by 2020, and again by 2030

Goldman Sachs - SCC sited as best estimate of the externality

Google - $30 in 2012, now $14 based on AB32 auction prices

Harmonized domestic taxes

Have to avoid a least-common denominator price commitment

Hess

History of Oregon Carbon Dioxide Standard

How carbon pricing policies could be coordinated

How do the carbon prices compare to other utilities?

How does a TAMPP work

How would a global carbon price commitment work?

Huge investment continuing in oil and gas, so a big question

Huge investment continuing in oil and gas, so a big question

Hybrid instruments

IAMs generate their own estimate carbon prices for achieving a 2oC target

Idaho Power's carbon price assumptions and probabilities

IDEAcarbon

IEA estimates of carbon pricing for the 2oC scenarios

If the damages of a ton are paid for each year, then effectively equivalent to the SCC

If there's a material probability of a carbon price within the next decade, certain assets should be targeted

If you bring in more than 12% gas backup then Hinckley is the most cost-effective option

Impact of carbon pricing on business competitiveness in Europe - 1

Impact of carbon pricing on business competitiveness in Europe - 2

Impacts of Ireland's carbon tax

Impacts of Norways carbon tax

Impacts of Sweden's carbon tax

Impacts of the Netherland's carbon tax

Impacts of the UK's Climate Change Levy

Implications of carbon pricing for final consumption sectors

Implications of including a carbon price in fuel prices

In a supportive policy environment need a near-term carbon price of $40-80

In the cooperative case countries spend more and there is much more benefit

Incorporating carbon costs into utility resource planning is common

Instruments of climate negotiation should ideally possess three properties

Integrated scenarios and emission pathways

Integry Energy

Internal carbon pricing in North America - 2

Internal carbon pricing in North America - 3

International tradable permits

Internationally linked domestic cap and trade systems

Is a way of determining the extent to which events can be attributed to human activities

It makes sense to use one carbon price for demand forecasting, and another for project impacts

It should be easier to negotiate 1 price than N quantities

It's now mainstream in the oil and gas sector

Jabil Circuit

Key conclusions of analysis re design of effective carbon pricing policies

Key elements for designing a carbon tax - 1

Key elements for designing a carbon tax - 2

Key points re U.S. utility carbon pricing

Key to shadow pricing success is change management

Landowners can accurately verify their carbon capture efforts

Logic is that until now damages of CO2 have not been paid for, a sunk cost

Low medium and high price forecasts to 2015 - 2030

Main advantage of tradable permits is the prospect of free allowances to companies

Making CCS cost-effective calls for different levels of carbon pricing

Many emissions reduction efforts have failed

Marginal economic decision-making leads to much less than cooperation

Measures expected losses per ton of emissions and allocates the costs to each energy suppler - total revenue = total loss and damage by emissions

Meeting coverage goals won't be enough

Methodology used

Microsoft

Microsoft - 6-7

Microsoft - Microsoft's carbon fee supports productivity and profitability

Minnesota requires a carbon proxy price

Mobility

Modeling assumes $100/ton as being consistent with 2oC scenarios

More and more utility planning processes are including CO2 prices

Most appropriate methodoligy is the PALcarbon 1 year carbon price

Need for future work

Need to combine explicit carbon price with notional carbon price

Need to move from current carbon pricing hodge-podge to a unified system

Negotiating a carbon charge is difficult but not impossible

Negotiating a global carbon price should be easier than targets

NEPA does not provide an obvious opportunity for carbon proxy pricing

New Zealand's cap and trade system

No question that there are major compliance issues

No surprise that many conservative economists favor a carbon tax

Northern European carbon taxes

Not clear that carbon pricing suffers from monitoring problems often suggested

Novartis

Now, carbon emissions must be accounted for.

Numbers assume no discounting

Offset markets have failed

One option - use a proxy carbon price tied to what's required

PacifiCorp's carbon price assumptions and probabilities

PALcarbon price basically equivalent to SCC over a 6 year time frame (at 3%) discount rate

PALgamma and REACT can be approximate by simple exponential formulae

Pax World Funds - Exxon's internal carbon price will generate more reductions than Microsoft's

PEM's approach uses big-data analytics

PEM's carbon products are real-time measurable, and thus more valid

PEM's products track (14)CO2 - the marker for CO2 from human activities

PG&E Corp

Policies like carbon pricing face plasticity problems

Price "corridors" can balance flexibility and experience

Price carbon to stimulate investment

Price probably needs to be 80-100/ton to achieve 2 degree goal

Private sector leading the way on carbon pricing

Questions investors will have re carbon pricing

REACT - Reinsurance event attributed carbon tax

REACT uses global temperature anomaly to determine the global attribution factor

Reciprocity is what changes perceptions of self-interest

Regulatory efforts have failed

Report punts on the needed price trajectory

Results of Norway's carbon taxation

Revenue recycling affects costs of policies, but not price path

Rewards environmental ambition

RGGI

RGGI Program Snapshot

Role of CAT in generating CA emissions reductions

Royal DSM

Royal Dutch Shell $40

Shell - A $40 charge is used to assess proposed new capital investments as an "investment screening device"

Snapshot of RGGI impacts

Someone needs to take the lead

Statoil

Stops free riding in the negotiations

Studies assessing the performance of ETS regimes

SUEZ Environment

Suggests that Exxon's carbon prices go into project's "base economics"

Survey run. 700 responded of 10,000 invitations.

Swiss Carbon Tax Law an example of TAMPP

Synapse believes federal policies will create significant pressure to decarbonize the electric power sector

Synapse is not predicting prices, but to deliver forecasts useful to planning in the face of uncertainty

Talk of carbon pricing evokes the bitter memory of shock therapy in eastern Europe and the developing world. BlackRock’s backstop idea is the logic of the 2008 bank bailouts expanded to the global level – socialise the risks, privatise the profits.

TAMP design considerations 2

TAMPP - Tax Adjustment Mechanism for Policy Pre-Commitment

TAMPP design considerations 1

Tata Cleantech

Tax required for Paris agreement is modest

Taylor: 90% of people advocate a modest tax with a strict escalator

Taylor: If liberals are right that mitigation is cheap, then emissions reductions from a carbon tax should be huge

Taylor: Ironically, conservatives have the best answer to climate change - the power of markets and the invisible hand

Taylor: There is NOTHING that will get the job done besides a real price on carbon - regulation can't get there

TCFD lists internal carbon pricing as a key metric to assess climate and energy transition risks

TD Bank - first carbon neutral U.S. bank. Carbon price based on offsets and RECs, about $10 now

The "free-rider" problem is THE cause of negotiating problems on climate change

The basic guidance

The basis for the aggressive carbon pricing scenario

The carbon prices used were token prices

The carbon sensitivities used in Kentucky Power's Coal Retrofit Application

The existence of multiple uncertain tipping points doubles the optimal carbon tax

The FASTER principles are the way to success

The greatest problem we face is the lack of short-term benefits and loss-aversion

The implied price of carbon required to fund the transition is only $4/ton

The lower the initial price, the more rapid the required increase

The needed approach combines several things

The Paris agreement and carbon pricing

The perfect mitigation market scenario

The real problem is finding and fixing the cause of failing negotiations

The Solution

The status quo means the death of coal. Carbon taxation offers hope.

The tradability of a set number of global permits would ensure countries face the same carbon rice

The US and the EU seem less preoccupied with grand schemes of carbon pricing and blended finance, than with pushing a case-by-case approach

There are four carbon pricing instrument types

There's a major disconnect with proposed federal policy

This 2016 report incorporates several key developments since the 2015 forecast

This approach would require a serious compliance mechanism

This price corridor is narrower than suggested in the literature

This throws into question the worlds cap and trade carbon pricing systems - given the large difference in price

To avoid allowance prices spiraling upwards, outstanding design flaws need to be addressed

Today only a fraction of emissions are priced, and those are priced very low

Total

Uncertainty of carbon price is incorporated into models through "expected price."

Until countries recognize value of a collective commitment, voluntary altruisim will be insufficient

Wal-Mart

Walt Disney - $10-20

Walt Disney - Its price on carbon has stimulated emissions reductions and offsets

We don't have time to waste with more shell-games

We don't have time to waste with more shell-games

We need new market mechanisms

We use coping mechanisms to reconcile climate change in our heads

Weitzman's Dismal Theorem suggested a justification for aribitrarily high mitigation costs

Wells Fargo

What carbon prices did Synapse recommend?

What internal carbon pricing can accomplish

What's wrong with these sensitivities?

Widespread buying of carbon is a viable solution with no precedent

Works out ~$300/ton in 2050

Works out to ~$80/ton in 2030

World Bank - Carbon pricing momentum is growing

Would vote on a universal carbon price, based on the principle of one-person one-vote

Xcel Energy - uses "carbon proxy pricing" to plan for future carbon policy outcomes

Xcel Energy 20

2013 Abatement achieved by policy instruments applied in road transport sector

2013 Estimated average effective carbon prices in electricity sector by instrument type

Actually prices emissions

But in reality the situation is a lot more complicated, which is why you need a Green Fund

Implicit carbon prices today vary widely

That's been a key source of U.S. resistance

To manage carbon price risk, should use a mid-range forecast

Under an international carbon tax, nations could sort out their compliance however they like