· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on POTILICO or enjoy below:
🗞️ Driving the news: Denmark will introduce Europe’s first carbon tax on agriculture following a historic agreement reached after five months of negotiations with farming and conservation groups
🔭 The context: Starting in 2030, farmers will pay 120 Danish krone (€16) per metric ton of emitted carbon dioxide equivalent, rising to 300 krone (€40) by 2035
• The government plans to reforest 250,000 hectares of agricultural land by 2045 and set aside 140,000 hectares of lowland by 2030 to cut emissions
🌍 Why it matters for the planet: This initiative aims to reduce agriculture's substantial contribution to Denmark's emissions, forecasted to be 46% by 2030
• The carbon tax is expected to cut 1.8 million tonnes of emissions in its first year, helping Denmark meet its ambitious goal of reducing total emissions by 70% by 2030
⏭️ What's next: The agreement awaits approval from lawmakers, which is expected after the summer holidays
• Implementation will involve significant changes in Denmark's land and food production sectors
💬 One quote: “It’s an agreement which will form the basis for a historic reorganization and restructuring of Denmark’s land and food production,” said Economy Minister Stephanie Lose
📈 One stat: Denmark aims to reforest 250,000 hectares of agricultural land and set aside 140,000 hectares of lowland by 2030, with the government providing €5.3 billion for these initiatives
Click for more news covering the latest on carbon market
