Monday 21 June 2021

Polluters Pay?

The International Monitary Fund (IMF) think the fastest way of getting to carbon zero, is subject companies with high 'greenhouse gas' emissions to globally agreed carbon floor prices. The IMF are consequently pushing the G20 (the 20 rich nations) to agree a charge of $75 per tonne of carbon dioxide (https://www.theguardian.com/environment/2021/jun/18/high-greenhouse-gas-emitters-should-pay-for-carbon-they-produce-says-imf). The IMF plan isn't a bad starting point but there are some problems. Firstly, airlines and sea freight are very major carbon dioxide emitters. It is often difficult, however, to 'tie them' to the jurisdictions of any particular country (G20 or not). Secondly, carbon dioxide is not the only 'greenhouse gas'. Methane is even more potent and cattle burp out this gas. Cattle farmers would presumably have to be charged for the methane emissions of their cows. But at what level and how do you go about quantifying a farmer's responsibilty for this gas? Would the charge only be applied to mega ranches fattening cattle for beef?

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