The pros and cons of a global carbon tax at a single rate

Alessandro Bacci
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Abstract

During 2021, the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the World Trade Organization (WTO), though differently, supported the idea that to effectively tackle climate change, it is necessary to introduce a global price on carbon emissions. Generally, a single-rate Global Carbon Tax (GCT) for all carbon emissions would probably be the best mechanism to tax carbon emissions while still favouring trading relationships globally within a WTO-compliant environment. However, implementing a single-rate GCT is extremely complicated. The IMF has proposed the establishment of an International Carbon Price Floor (ICPF), but it has recognized that to work the ICPF needs multiple carbon price minima according to the considered countries’ category of development level. This article, which is divided into seven sections, reflects on the idea of introducing a GCT. Section 1 briefs the introduction. Section 2 explains what the main reason is for putting a price on carbon emissions and clarifies how the two most important price-setting mechanisms, ie an ETS and a carbon tax, work. Section 3 explains how to set the carbon tax rate. Section 4 analyses the IMF’s GCT proposal. Section 5 discusses the benefits of a GCT, especially if based on a single tax rate. Section 6 reviews what, at least in the short term, the three main obstacles to the implementation of a single-rate GCT are. Section 7 concludes.
全球单一税率碳税的利弊
在2021年期间,国际货币基金组织(IMF)、经济合作与发展组织(OECD)和世界贸易组织(WTO)虽然立场不同,但都支持这样一种观点,即为了有效应对气候变化,有必要引入全球碳排放价格。一般来说,对所有碳排放征收单一税率的全球碳税(GCT)可能是对碳排放征税的最佳机制,同时仍有利于在符合世贸组织规定的环境中建立全球贸易关系。然而,实现单速率GCT是非常复杂的。国际货币基金组织(IMF)提议建立国际最低碳价(ICPF),但它也认识到,要使ICPF发挥作用,需要根据所考虑的国家的发展水平类别设定多个最低碳价。本文分为七个部分,讨论了引入GCT的思想。第1节简要介绍。第2节解释了为碳排放定价的主要原因,并阐明了两种最重要的定价机制(即碳排放交易体系和碳税)是如何运作的。第三节阐述了如何设定碳税率。第四节分析了IMF的GCT建议。第5节讨论了GCT的好处,特别是基于单一税率的GCT。第6节回顾了至少在短期内实施单一税率GCT的三个主要障碍是什么。第7节总结。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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