IMF: Global tax needed to tackle climate change

| 11/10/2019 | 36 Comments
Cayman News Service

(CNS): The International Monetary Fund has said that there is an urgent need for world governments to agree on making fossil fuel burning much more expensive in order to mitigate the impacts of climate change. A global tax is the most efficient way of fighting the challenge, the IMF said in a report released Thursday. A shift from fossil fuels would transform economies and profoundly change the lives of communities, creating additional and immediate domestic environmental benefits.

The report indicated that a global tax of $75 per ton by the year 2030 could limit the planet’s warming to 2 degrees Celsius, roughly double what it is now. That would greatly increase the price of fossil fuels but the economic disruption could be offset by routing the money raised straight back to citizens. “If you compare the average level of the carbon tax today, which is $2 [a ton], to where we need to be, it’s a quantum leap,” said Paolo Mauro, deputy director of the fiscal affairs department at the IMF.

The IMF points out that global warming is already threatening living standards and the window of opportunity for containing climate change to manageable levels is closing rapidly. “Fiscal policy has an important role to play,” the authors wrote, adding that policymakers need to act urgently because action so far has been inadequate.

“The 2015 Paris Agreement goes in the right direction, but the commitments countries have made fall well short of those needed to limit global warming to the level considered safe by scientists — 2°C, at most, above preindustrial temperatures,” the report states.

With so much uncertainty on whether or not countries are reducing emissions as agreed the IMF said the longer action is delayed, the more emissions will accumulate and the cost of stabilizing global temperatures will increase.

“The technological and policy means are available to switch from coal and other polluting fossil fuels to cleaner energy while maintaining robust economic growth and creating jobs. For the needed transformation to take place, a key challenge is to distribute its costs and benefits in a manner that can muster enough political support — both domestically and internationally,” according to the report.

See video and report on the IMF website


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Category: Climate Change, Science & Nature

Comments (36)

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  1. Anonymous says:

    Kinda scary the upvotes for the people who cry global leftists scamming us.

    I’m against this idea imo but I do agree with the idea of a carbon tax not against individuals but rather corporations. 7 companies make about 60% of the world’s emissions. Taxing them and using the money to go towards renewable energy products like wind and solar as well at nuclear(not renewable) can really wean of a country’s dependency on oil and coal.

    Carbon tax if implemented effectively can really help bring us into a more modern, cleaner way of producing energy. If it’s not then like any other tax, it can be misused.

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  2. Rick says:

    I wondered how long it would take for this proposal to come out. Now we know the real agenda of the fake global climate change movement’s agenda; world government, control and domination. Like other totalitarian ideas, this too will fail.

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  3. Anonymous says:

    And who benefits from the TAX? This is where we know the Global change exagerration is means huge monies for those on the political Left

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  4. Anonymous says:

    Sounds like the Oxitec brain washing.

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  5. Anonymous says:

    Climate change is a global wealth redistribution and reparations plan by leftist globalist. Tax wealthy nations to give to the poor ones.

    And in the process, making billions annually for the globalists themselves and thier army of deception called the the 97%_of course_.

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  6. Rick says:

    If the IMF was defunded there would be billions of dollars available to directly help many countries that cry poor mouth constantly. How did the US, England, France, Germany, Japan, Cayman become prosperous? Because they unleashed freedom and creative thinking which led to astounding technological advances. The car, rubber tires, airplanes, television, rocket propulsion, space shuttles, space suits, Mars and Moon landers, computers, computer programming, cellular phones, and the list goes on and on. If not for freedom and creative thinking we would still be in the stone age and would not have progressed thru the iron age and so forth up to now.

    The latest is that the oceans are becoming hotter. That is not caused by CO2 or ozone or green house gasses. It is being caused by the core workings of our earth. It does not remain static, it is continually in flux warming and cooling (though always very hot). Discoveries of new underground volcanoes, molten lava flows, fissures, and gases trapped in the upper layers of the earth’s crust are happening constantly. God help us when we start screwing around with that.

    Should we do what we reasonably can to reduce our impact on our planet. Absolutely! I have been involved in energy efficiency projects, sustainable building designs, new technologies, and many more for over 50 years. Can we do more? Sure! But, if we run out of “other people’s money” just throwing dollars at everything because some government bureaucrats tell us to give them more and more money we will not only lose the fight, we will sell our souls.

    Over the past decade, the U.S. has decreased annual carbon dioxide emissions by nearly 800 million tons. These reductions paled in comparison to China’s two billion ton per year increase in emissions, but China’s emissions have been relatively flat since 2013. This, combined with the decreases in the U.S. and EU, have helped slow the growth rate of carbon dioxide emissions in the past decade versus the previous decade. China’s emissions passed those of the U.S. in 2005, and by 2012 had surpassed the combined contribution of both the U.S. and the EU. Should recent trends continue, China will be responsible for the most atmospheric carbon dioxide in less than 20 years. China has lots of regional company, too. The Asia Pacific region is home to both China and India — the world’s two most populous countries and two of the largest carbon dioxide emitters. It is also home to other fast-growing and/or populous countries, like Indonesia, Pakistan, Bangladesh, Vietnam, and Japan. Over the past decade, this region’s carbon dioxide emissions have grown at an average annual rate of 3.1%, which was nearly triple the global average. As a result, Asia Pacific is now responsible for nearly 50% of global carbon dioxide emissions.

    I point this out not to bash these countries but to point out that human advancement in technology that improves living conditions for the world has only been made possible by the energy sources available. As energy has evolved from fire, to oil, kerosene, coal, coke, gasoline, geothermal, natural gas, nuclear, wind, solar, hydrogen, lithium batteries, and other sources of fuel. It has allowed the advancement of technology. It has always been a natural progression of what is the most cost effective and abundant fuel source. When we decide to alter that natural progression through artificial means such as near-sited government regulations, organizations dedicated to lining their own pockets and scientific deceit, we are doomed to failure.

    Cayman has progressed along with technology. Up until the last twenty years albeit, at a slower pace. Now Cayman has caught up with technology and is progressing faster than most countries. Why is it that other countries around the world have not moved forward technologically just as Cayman. The answer is to look at the leaders of their country over the centuries. Therein lies the answer.

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  7. Anonymous says:

    For those of you that are unaware.
    The end game here is to say that every living human on the planet creates carbon dioxide however minuscule.
    Because of this convenient fact, everyone will have to be integrated into a monetary system that enables them to pay Carbon Tax.
    The solution already exists, a subcutaneous chip that uniquely identifies each subscriber.
    The chip will give instant access to your cryptocurrency account and you will have to pay for everything with your digital identity which is bonded to your existence because the chip is subcutaneous and therefore hacker-free.

    This fact was already explained in the Bible in the book of Revelation 2,000 years ago.
    For those of you who are curious, I suggest that you do some personal study.

    I do not recommend going to church because very few churches know anything about prophecy and as long as they can get your money, they are fine.

    Rev 13:16 Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead,17 so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name.18 This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666.

    Carbon is 6 protons, 6 neutrons and 6 electrons. Man is carboniferous.
    Laugh and ridicule all you want. One day, you will have to decide to take the chip.
    Do you have understanding?

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  8. Anonymous says:

    But CNS, you know I have been saying this for ever, right?

  9. David says:

    Climate is a CYCLE that we have no, I repeat NO control over. The whole thing is false, I.e. Fake news to get cash for bankrupt Governments. Crooks and liars.

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    • Anonymous says:

      idiot. governments actively try and reduce taxes when they can. why would any government want to increase tax…..its a recipe for being voted out of office.
      conspiracy theories make zero sense. if they made sense they would not be conspiracies.

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  10. Bertie : B says:

    Wish it was my friend .

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  11. Anonymous says:

    Yes, but tax based on your carbon emissions.

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  12. Anonymous says:

    And as we all know, taxes fix EVERYTHING (Including the ionosphere and ozone). And just look ultra-high tax cities like Chicago and LA. Paradise on earth….

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  13. Anonymous says:

    FINALLY!!!!

    Thank you CNS for actually posting this!

    Now we clearly see the the real agenda of the Global Tax Fraud called climate change.

    (Trillions worth of taxes globally, pay up suckers!)

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  14. Anonymous says:

    Never going to happen. Imagine giving some international bureaucrats that kind of money to spread around.

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  15. Anonymous says:

    Start with Dart.

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  16. Cayman Mon says:

    The IMF, the UN and the EU are all Globalist Liberals run institutions, which are useless and should be gutted. Climate change is a total fraud.

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    • Anonymous says:

      You’re an idiot and your ignorance is beyond. I sincerely hope if you have any children or grandchildren that they disown you immediately because you don’t care about their future.

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      • Cayman Mon says:

        Do not resort to calling names, state your facts! According to NASA the average tempertatyre of the Earth have risen only 1 fahrenheit over the last almost 150 years. The late John Coleman, a Co-Founder of the Weather Channel have stated that Climate Change is a myth and fraud…his videos can be seen on YouTube. I am almost 70 years and this liberal/Globalist/political fraud has been around for as long as I can recall. Take care of your environment, yes; loosing sleep about global warming, no!

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        • Anonymous says:

          “only one degree”

          Yet 2 degrees is the current limit to catastrophe. Go sleep eden

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        • Anonymous says:

          Firstly, you’re still an idiot. secondly, you’re wrong as the actual data from NASA proves that it’s just over 1°C… now that shows the trend, something that scientists follow unlike YouTube climate deniers like yourself, that our carbon emissions have to do with the rise of the global temperature. This means if we don’t do something about it there will be catastrophic events that will take place to make us sayonara. Next time if you want to win a debate don’t quote some weather channel journalist (not a scientist FYI) or anything on YouTube, it just makes you look stupid especially since you can’t even read a NASA report properly to understand it.

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      • Anonymous says:

        @Anonymous 10:40; There are natural cycles that have been taking place for millions of years. The same extreme hot and extreme cold (to us) has been charted and can be checked on by going to:
        http://joannenova.com.au/2010/02/the-big-picture-65-million-years-of-temperature-swings/

        Here is a report that you should read:
        The Arctic Ocean is warming up, icebergs are growing scarcer and in some places the seals are finding the water too hot according to a report to the Commerce Department yesterday from the Consulate at Bergen, Norway.
        >> Reports from fishermen, seal hunters and explorers all point to a radical change in climate conditions and hitherto unheard of temperatures in the Arctic zone.
        >>
        >> Exploration expeditions report that scarcely any ice has been met as far north as 81 degrees 29 minutes. Soundings to a depth of 3,100 meters showed the gulf stream still very warm.
        >> Great masses of ice have been replaced by moraines of earth and stones, the report continued, while at many points well known glaciers have entirely disappeared.
        >> Very few seals and no white fish are found in the eastern Arctic, while vast shoals of herring and smelts which have never before ventured so far north, are being encountered in the old seal fishing grounds.
        >> Within a few years it is predicted that due to the ice melt the sea will rise and make most coast cities uninhabitable.”
        >>

        I must apologize.
        I neglected to mention that this report was from November 2, 1922, as reported by the AP and published in
        The Washington Post 96 years ago.
        This must have been caused by the Model T Ford’s emissions, or possibly from horse and cattle farts.

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    • J|) says:

      What an idiot. Liberals > Trumpets

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    • Cheese Face says:

      Heediot

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    • Anonymous says:

      Amen

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    • Anonymous says:

      yep ..when you said liberals….you lost the argument.
      get off youtube and get a real education.

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