The United States has been resisting European calls for industrialized nations to target an upper limit for global warming of 2 degrees Celsius (3.6 Fahrenheit), according to a draft summit text.
The government on Thursday withdrew the decision of levying carbon surcharge on Compressed Natural Gas (CNG) by deleting the word "carbon" from the head of the levy. Now "surcharge" will be used for taxing petroleum products from the next financial year ie 2009-10 after severe drubbing from different quarters.
The Petroleum Ministry has sought an explanation from Finance Ministry regarding replacement of petroleum development levy (PDL) with carbon surcharge on two petroleum products-JP-4 and JP-8. The government is currently charging Rs 3 per litre PDL on JP-4 and JP-8.
The best way to curb global warming would be a carbon tax. The money raised could be divided up among citizens or used to repay the national debt. A tax on carbon dioxide (CO2) would give everyone an incentive to emit less of it. It would be simple, direct and transparent. For these reasons, it will never happen in America.
PRESIDENT BARACK OBAMA was emphatic during his campaign and after his election: The best way to fight climate change is to cap carbon emissions and auction off tradable permits to emit carbon.
The Himachal Pradesh Cabinet on Wednesday decided to prepare a detailed report after extensive survey to identify the industrial units not observing the laid down pollution control standards to check emission of greenhouse gases and imposed carbon tax on them.
The carbon market doubled to $126bn, but the value of transactions financing project-based emission reductions fell 12% to $6.5bn in 2008. Difficulties in getting financing for projects during the financial crisis, regulatory delays and the market's uncertain future caused the drop. World Bank is working to deepen the reach of the carbon market with two new facilities.
The government has committed to the International Monitory Fund (IMF) to explore the possibility of levying carbon tax to enhance revenue collection. Sources told to Business Recorder on Tuesday that the government is exploring the possibility of levying some kind of excise duty, or carbon tax, on fuel consumption, responsible for pollution problems in Pakistan.
