Major global carbon emissions trading schemes: a comprehensive review and future directions

Purpose: Carbon emissions trading is crucial to meeting carbon neutrality goals and carbon peak achievement. The purpose of this study is to undertake a comprehensive review of major carbon emissions trading schemes globally. Design/methodology/approach: Literature review methodology was adopted to obtain documents from Scopus database. Systematic review was undertaken and findings synthesised through content analysis. Scientometric review was also conducted using VOSViewer software. Findings: From the findings, the major carbon emission trading schemes that were identified were Chinese Emission Trading System; Safeguard mechanism, Australia; Regional Greenhouse Gas Initiative, USA; California’s cap and trade sector, USA; and UK emissions trading systems. Scientometric analyses undertaken were co-occurrence of keywords, co-authorship of countries and citation analysis of authors. Practical implications: This systematic review has theoretical, empirical, practical and wider implications. This study also contributes to climate change mitigation agenda by increasing knowledge on the major emission trading schemes. Application of the principles in these trading schemes will also aid the construction industry meet its emission reduction targets. Originality/value: Remarkably, a study that thoroughly reveals and reviews the various carbon trading schemes is lacking and this study fills the gap.