The IMF Offers a Global CO2 Tax

Society » ENVIRONMENT | May 6, 2019, Monday // 10:14| Views: | Comments: 0
Bulgaria: The IMF Offers a Global CO2 Tax

The International Monetary Fund (IMF) has called for the introduction of a global tax on carbon dioxide to combat climate change.

In a joint statement, IMF Director Christine Lagarde and IMF Fiscal Policy Director Vitor Caspar spoke of such a charge. As they write in a blog post on Friday, global carbon dioxide emissions will have to be reduced by 2030 by one-third and a tax of around € 62 per tonne of carbon dioxide will be needed to meet the goals of The Paris Climate Agreement.

Lagard and Caspar think that there is "significant consensus" that taxation is an "effective tool" to limit fossil fuel consumption and related carbon dioxide emissions. In addition, the fee will provide the necessary revenue for the return to renewable energy sources.

However, this taxation would have a different impact on carbon emissions from individual countries. For example, in China, the country with the highest concentration of emissions in the world, a tax of around € 39 could lead to a 30% reduction in emissions. The same applies to India and South Africa, where the energy comes mainly from coal. In countries like France that use energy from other sources such as nuclear power, the tax will lead to a 10%

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