This European survey examines (a) The carbon border adjustment mechanism will ensure that the European Union’s green objectives are not undermined by the relocation of EU production in the sectors under the mechanism to non-EU countries with less ambitious climate policies (‘carbon leakage'); (b) To the extent that the carbon border adjustment mechanism is effective in reducing emissions and carbon leakage, it will impose substantial costs on the economies of poorer countries
Keyword: carbon tax
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This week's US Economic Experts Panel statements:
Sound policy would involve increasing significantly the currently near-zero price of emissions of carbon dioxide and other greenhouse gases.
This week’s IGM European Economic Experts Panel statements:
A) The European Union goal of reaching net zero emissions of greenhouse gases by 2050 will be a major drag on economic growth.
B) Carbon taxes are a better way to implement climate policy than cap-and-trade.
C) A carbon border tax targeting imports from non-EU countries with less strict climate policies is likely to harm developing economies.
This week's IGM Economic Experts Panel statements:
A) Considering a broad range of costs and benefits is a better tool for guiding climate policy than setting temperature limits (such as 1.5 °C, eg) based on expected links between temperature increases and the extent of environmental harm.
B) Carbon taxes are a better way to implement climate policy than cap-and-trade.
This week’s IGM Economic Experts Panel statement:
The Brookings Institution recently described a US carbon tax of $20 per ton, increasing at 4% per year, which would raise an estimated $150 billion per year in federal revenues over the next decade. Given the negative externalities created by carbon dioxide emissions, a federal carbon tax at this rate would involve fewer harmful net distortions to the US economy than a tax increase that generated the same revenue by raising marginal tax rates on labor income across the board.
This week's IGM Economic Experts Panel poll statement:
A tax on the carbon content of fuels would be a less expensive way to reduce carbon-dioxide emissions than would a collection of policies such as “corporate average fuel economy” requirements for automobiles.
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