All articles tagged with #carbon tax
Originally Published 3 months ago — by Tradewinds News
The United States plans to impose penalties on ships, seafarers, flags, and officials if the International Maritime Organization (IMO) approves a new carbon tax, according to TradeWinds, a global shipping news source.
Originally Published 1 year ago — by Reuters Canada
Canada's Prime Minister Justin Trudeau's Liberal government survived a no-confidence motion brought by the opposition Conservative Party over the country's carbon tax, a key part of the Liberals' climate plan. The tax is set to increase to C$80 a ton from C$65 a ton on April 1. The Conservatives argue that the tax imposes too great a cost on Canadians, while the Liberals emphasize its role in cutting emissions. With the next federal election likely to be held next year, the Liberals, who have been in office since November 2015, are facing challenges as recent surveys show the Conservatives leading in public opinion.
Originally Published 2 years ago — by Fox Business
During a panel at the World Economic Forum, Singapore President Tharman Shanmugaratnam called for a global carbon tax as a solution to climate change, emphasizing the need for a coordinated system of carbon taxes, subsidies for vulnerable households, and funding for developing countries. Saudi Arabia's finance minister expressed agreement with the need for solutions to address climate change but highlighted challenges in implementing a carbon tax and redirecting funds to low-income countries. Germany's finance minister suggested a carbon market as an alternative to a carbon tax, proposing that countries could invest in renewable energy production in developing countries as part of emissions compensation.
Originally Published 2 years ago — by ABC News
The European Union's plan to impose a carbon tax on emissions from imports has sparked debate at the United Nations climate conference in Dubai. Developing countries are concerned that such tariffs will harm their economies and make trading with the EU too expensive. The EU aims to reduce emissions from imports and create a level-playing field for goods produced within the bloc. However, a recent study suggests that poorer countries could lose up to $5.9 billion, while rich countries could make $2.5 billion from the tax. Other countries, including the UK, Canada, and the US, are considering similar measures.
Originally Published 2 years ago — by Reuters Canada
Canada's main opposition Conservative Party staged an overnight filibuster in the House of Commons, demanding Prime Minister Justin Trudeau to drop his carbon pricing system, which they blame for fueling inflation. Conservative leader Pierre Poilievre led the filibuster, bringing bags of fast food and moving motions to "axe" the carbon tax. Trudeau and the Liberal caucus voted through the night to defeat the motions and make progress on budget-related legislation. The federal carbon tax, in effect since 2019, is Trudeau's signature climate policy aimed at discouraging fossil fuel use and promoting clean energy. The filibuster is not expected to last into next week as voting on government supply legislation is halfway done.
Originally Published 2 years ago — by The Hill
The wealthiest 10% of households in the United States are responsible for 40% of the country's greenhouse gas emissions, according to a study. The research also found that the emissions share of the bottom 90% of households has decreased over the past three decades, while the top 10% has seen an increase. Investment income plays a significant role in the emissions responsibility of the wealthiest households. The study highlights racial disparities in emissions, with non-Hispanic white households having the highest emissions and Black households having the lowest. The findings suggest that an investment-based carbon tax may be a more equitable and politically palatable solution compared to a consumer-facing carbon tax.
Originally Published 2 years ago — by Financial Times
While the extent and impact of climate change remain uncertain, it is crucial to prepare for the worst and invest in adaptation measures now. Despite efforts to reduce CO₂ emissions, global emissions are projected to continue rising, leading to a rise in temperatures. To efficiently reduce emissions, implementing a carbon tax is the most cost-effective approach. However, emissions reduction alone may not be enough, and investments in adaptation are necessary. Examples of adaptation include developing heat- and drought-resistant crops, discouraging building in flood-prone areas, and constructing sea walls. Governments must play a significant role in these investments, such as funding infrastructure projects and exploring solar geoengineering as a temporary solution. It is essential to act now to mitigate the potential impacts of climate change.
Originally Published 2 years ago — by The New York Times
The European Union has approved the world's first carbon tax on imports, which will make certain products more expensive if they come from manufacturers that aren't paying for their greenhouse gas emissions. The tax will be imposed on seven high-emissions sectors, including steel and cement, starting in 2026. While the tax could be effective in reducing industrial carbon dioxide emissions, it could also disrupt global trade and have an outsize effect on poorer countries. Some countries argue that it's a thinly disguised way for the Europeans to protect their companies from international competition under the guise of climate policy.
Originally Published 2 years ago — by The Wall Street Journal
The European Union's parliament has approved legislation to tax imports based on the greenhouse gases emitted to make them, enshrining climate regulation in the rules of global trade for the first time. The tax will give credit to countries that put a price on carbon by deducting payments for overseas carbon emissions when goods arrive at EU borders. The legislation will initially cover imports of iron, steel, aluminum, cement, fertilizer, electricity, and hydrogen.