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The FASTER principles for successful carbon pricing: An approach based on initial experience

This report draws on a growing base of global experience in implementing carbon pricing mechanisms, as well as economic literature, to identify a set of principles—the FASTER principles—for successfully steering an economy towards the long term goal of decarbonization through the use of carbon pricing. It focuses on how to achieve this in a fair and transparent way that harnesses emission reduction opportunities at least cost, provides flexibility, and is aligned with other policies. It focuses on domestic carbon pricing mechanisms that put an explicit price on greenhouse gas emissions—whether through taxes or emissions trading systems. Throughout the report, brief case study examples are given to show how the principles are being used in different countries.

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