The global warming industry has become a big business. With China now participating, the World Bank estimates that the worldwide value of carbon pricing has reached $82 billion this year – a stunning 56 percent increase from 2017.
The World Bank released a report showing how the once-moribund carbon markets are rebounding. More states are levying carbon taxes on their people, following the example of China. The world's top polluter unveiled a comprehensive carbon tax plan late last year.
A long-time investor and proponent of these so-called carbon markets is former US Vice President Al Gore, who applauded Chinese participation in the scheme that he has been promoting for many years.
"China's carbon trading system is yet another powerful sign that a global sustainability revolution is underway," Al Gore said.
"With the top global polluter enacting policies to support the Paris Agreement and transition to a low carbon economy, it is clear that we're at a tipping point in the climate crisis", he said.
According to the World Bank, 51 carbon pricing initiatives – comprised of 25 emissions trading schemes and 26 carbon taxes – currently exist throughout the world. It is estimated that this covers up to 20 percent of all global greenhouse gas emissions, and the World Bank hopes to increase that number next year with Singapore and Argentina planning to levy a carbon tax on their people in 2018.