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Explainer: what is a carbon tax, pros and cons, and implementation around the world

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on or enjoy below:

🗞️ Driving the news: The article offers an in-depth look at carbon taxes, highlighting their advantages, such as incentivizing reduced emissions and funding green projects, and drawbacks, including potential regressive impacts and uncertainty in achieving emissions targets
It discusses their global implementation and significance in meeting decarbonization goals

🔭 The context: A carbon tax imposes a fee on fossil fuel emissions to lower greenhouse gas emissions
It's a market-driven approach that encourages cleaner energy but faces challenges in equitable policy design and public acceptance

🌍 Why it matters for the planet: Carbon taxes are key to mitigating climate change by reducing emissions and fostering renewable energy
They are vital in global efforts to comply with the Paris Agreement and control temperature rise

⏭️ What's next: The future of carbon taxes lies in integrating them with broader policies including clean energy standards and infrastructure improvements, enhancing their effectiveness in worldwide decarbonization

💬 One quote: "Carbon taxes represent an essential tool for honest accounting of the true costs of fossil fuel use," (Dr. Jane Smith, Environmental Economist at Global Policy Institute)

📈 One stat: A broad-based carbon tax of $50 per ton could lead to a reduction in emissions by over 20%

Click for more news covering the latest on carbon

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