Carbon tax needed to avoid climate catastrophe, say expertsLeave a Comment
- Economists, including Joseph Stiglitz and Nicholas Stern, say taxes of $100 per metric tonne could be needed by 2030
- New report by the High Level Commission on Carbon Prices can be found here
Phillip Inman Economics editor
A group of leading economists warned on Monday that the world risks catastrophic global warming in just 13 years unless countries ramp up taxes on carbon emissions to as much as $100 (£77) per metric tonne.
Experts including Nobel laureate Joseph Stiglitz and former World Bank chief economist Nicholas Stern said governments needed to move quickly to tackle polluting industries with a tax on carbon dioxide at $40-$80 per tonne by 2020.
A tax of $100 a tonne would be needed by 2030 as one of a series of measures to prevent a rise in global temperatures of 2C. In a report by the High Level Commission on Carbon Prices, which is backed by the World Bank and the International Monetary Fund, they suggest poor countries could aim for a lower tax since their economies are more vulnerable….