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Countries Commit To Tax Carbon Emissions At UN Forum

by Mike Godfrey, Tax-News.com, Washington

29 September 2014


At the UN Climate Leadership Summit on September 23, 2014, 74 countries supported the introduction of taxes on carbon emissions to encourage sustainable energy use.

China led the commitment, backed by 74 countries, 23 states, provinces, and cities, and over 1,000 businesses and investors at the event. Together, these jurisdictions represent 54 percent of global greenhouse gas emissions and 52 percent of global gross domestic product (GDP).

The Summit focused on the importance of attaching a price to carbon emissions to encourage innovation in alternative energy development and incentivize businesses to lower their emissions.

"The science is clear. The economics are compelling. We are seeing a shift toward the economic architecture that will be necessary to avoid a two-degree-warmer world, an architecture that supports green growth, jobs, and competitiveness," said World Bank Group Vice President and Special Envoy for Climate Change Rachel Kyte.

According to a report issued by the World Bank in June, about 40 national and over 20 sub-national jurisdictions have already implemented or scheduled emissions trading schemes or carbon taxes. Together, these jurisdictions account for more than 22 percent of global emissions. Many more countries and jurisdictions are advancing preparations for pricing carbon. Together, these represent almost half of global greenhouse gas emissions, the World Bank said.

TAGS: environment | tax | economics | business | energy | gross domestic product (GDP) | China | environmental tax | carbon tax

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