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Carbon tax

This environmental tax is levied in accordance with a companys emission of carbon dioxide. However, since it is difficult to monitor the carbon emissions directly, the tax is normally added to the price of fossil fuel. The carbon tax can be divided into Pigovian taxes designed to internalize carbon dioxide emissions external costs, and Baumol-Oates taxes that control C02 emissions to the pre-defined standards. The former determines the tax rate by calculating the monetary value of the social costs of a given amount of carbon in fossil fuel. However, the system has never been adopted because of the difficulty in calculating the social costs. The latter determines the tax rate on a trial-and-error basis, so as to achieve a target emission level. This system has been adopted in four Scandinavian countries and the Netherlands.

 

Marketable emission permits

When a government issues pollutant emission permits with a maximum allowable emission volume set as a ceiling, marketable emission permits allow businesses to trade the permits with other emission sources. The permits obtain a market value, which works as an incentive for emission sources to reduce emissions, thus helping the government to maintain environmental standards and achieve the overall emission target. The system has been adopted among U.S. electricity companies. In recent years, the Conference on Climate Change has discussed the international trading of emission rights for greenhouse gases. Together with environment taxes (like the carbon tax), this system is considered one of the most effective measures for reducing such gases.

 

 

 

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