Many countries are using a price on carbon to help meet their climate goals in the form of a tax or under an emissions trading (ETS), or cap-and-trade, system.
"Despite the social and economic upheaval caused by COVID-19, jurisdictions and companies have not wavered in their commitment to fighting climate change," the report said.
Around 45% of the European Union's output of greenhouse gases is regulated by the Emissions Trading System (ETS), the bloc's flagship policy to tackle global warming by charging for the right to emit carbon dioxide (CO2).
Emissions from power and heating generation fell by 17.1%, to 632.8 million tonnes, the analysts said on Thursday.