Carbon tax has been imposed in many jurisdictions around world. It is one of the initiatives to stop the menace of global warming. This global warming, which has slowly raised the earth 's temperature somewhere between one and two degrees over the past one hundred years, may have dire effects. As a result of higher temperatures, the ocean levels will rise, global weather patterns will be permanently altered, and ecosystems around the world will be greatly affected. Sweden 's Carbon Tax is one of the only a few examples of such a taxation scheme in actual use. Sweden 's energy taxes were already some of the highest in Europe. For example, gasoline taxes comprised 68.5% of the price of gasoline. Yet, the government had no desire to lower the
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The government of India has prioritized key sectors (including electricity, transport, oil and gas, industry, buildings and forestry) in its road map for low-carbon development to support inclusive growth and reduce the emissions intensity of its economy. On 1 July 2010, the government implemented an excise tax (“carbon tax”) on coal at the rate of INR50 (about US$1) per ton of coal. This coal tax applies to both domestically produced and imported coal, and revenues are used to finance the National Clean Energy Fund (NCEF) and research in clean energy technologies and environmental programmes. An energy intensity-based trading scheme – the Perform, Achieve and Trade (PAT) mechanism for energy efficiency – was approved to establish mandatory energy efficiency targets for energy-intensive installations and electricity …show more content…
France’s carbon tax on fossil fuel in the form of a specific levy was proposed in 2009 at a rate of €17 per tCO2 and applied to gasoline, diesel fuel, coal and natural gas. However, the French Constitutional Council felt that the extensive compensatory measures of the proposed tax did not promote equality among taxpayers and would defeat the intention to promote environmentally friendly behaviour and reduce carbon emissions. The Council therefore rejected the proposed provisions.
Ireland introduced a carbon tax in 2010 to complement the EU ETS. The carbon tax aims at capturing emissions not covered by the EU ETS and thus includes mainly transport, waste and heat in buildings. The initial carbon tax rate, applied in 2010 and 2011, was set at €15 per tCO2 and was subsequently increased to €20 in 2012.
The OECD has recently released a report comparing the carbon tax rates of OECD countries. All OECD countries have some type of mechanism.
The report states that “Australia and the Americas have the lowest effective tax rates [on CO2]”. Australia’s carbon tax rate is the 5th lowest out of the 34 OECD countries and is well below
The government of India has prioritized key sectors (including electricity, transport, oil and gas, industry, buildings and forestry) in its road map for low-carbon development to support inclusive growth and reduce the emissions intensity of its economy. On 1 July 2010, the government implemented an excise tax (“carbon tax”) on coal at the rate of INR50 (about US$1) per ton of coal. This coal tax applies to both domestically produced and imported coal, and revenues are used to finance the National Clean Energy Fund (NCEF) and research in clean energy technologies and environmental programmes. An energy intensity-based trading scheme – the Perform, Achieve and Trade (PAT) mechanism for energy efficiency – was approved to establish mandatory energy efficiency targets for energy-intensive installations and electricity …show more content…
France’s carbon tax on fossil fuel in the form of a specific levy was proposed in 2009 at a rate of €17 per tCO2 and applied to gasoline, diesel fuel, coal and natural gas. However, the French Constitutional Council felt that the extensive compensatory measures of the proposed tax did not promote equality among taxpayers and would defeat the intention to promote environmentally friendly behaviour and reduce carbon emissions. The Council therefore rejected the proposed provisions.
Ireland introduced a carbon tax in 2010 to complement the EU ETS. The carbon tax aims at capturing emissions not covered by the EU ETS and thus includes mainly transport, waste and heat in buildings. The initial carbon tax rate, applied in 2010 and 2011, was set at €15 per tCO2 and was subsequently increased to €20 in 2012.
The OECD has recently released a report comparing the carbon tax rates of OECD countries. All OECD countries have some type of mechanism.
The report states that “Australia and the Americas have the lowest effective tax rates [on CO2]”. Australia’s carbon tax rate is the 5th lowest out of the 34 OECD countries and is well below