A new analysis from Our World in Data shows that while 30% of global CO2 emissions now carry a carbon price, most of those prices are far too low to drive real change. Only a tiny fraction of emissions are priced above $100 per tonne, which is roughly what studies estimate as the true social cost of carbon. The vast majority of carbon markets charge less than $10 per tonne, and 71% of emissions have no price at all. At $5 per tonne, the cost of filling a car with petrol rises less than 1%. Even at $10 per tonne, the increase is only 2%. It is only at $100 per tonne that petrol prices rise by about 15%, comparable to normal oil market swings. The article breaks down which countries and sectors have the highest prices and where the gaps remain largest. For anyone tracking carbon markets or climate policy, this is a clear snapshot of the gap between consensus and reality. The data covers both carbon taxes and trading schemes, with a useful chart showing price versus share of global emissions.
