What Do We Know about Carbon Taxes? an Inquiry into Their Impacts on Competitiveness and Distribution of Income
نویسنده
چکیده
The Kyoto Protocol to the United Nations Framework Convention on Climate Change has set legally binding emissions targets for a basket of six greenhouse gases and timetables for industralised countries. It has also incorporated three international flexibility mechanisms. However, the Articles defining the flexibility mechanisms carry wording that their use must be supplemental to domestic actions. Although interpretations of these supplementarity provisions are still open to questions and debates, they at least indicate that domestic policies will have an important role to play in meeting their emissions commitments. Carbon taxes have long been advocated because of their cost-effectiveness in achieving a given emissions reduction. In this paper, we assess the main economic impacts of carbon taxes. We review the empirical studies on existing carbon/energy taxes and conclude that competitive losses and distributive impacts are generally not significant and definitely less than often perceived. However, given the Kyoto emissions commitments, future carbon taxes could have higher tax rates than those already imposed and thus the resulting economic impacts could be more acute. In this context, it has been shown that the use of the generated fiscal revenues will be of fundamental importance. Finally, we conclude by briefly discussing carbon taxes in combination with other domestic and international instruments.
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