$75, $50 and $25 a ton for advanced, high\u002D and low\u002Dincome emerging markets
Implementing a three-tier price floor among the U.S., China, the European Union, India, U.K. and Canada, with prices of $75, $50 and $25 a ton for advanced, high- and low-income emerging markets, respectively, could help cut global emissions 23 per cent from baseline levels by 2030, the fund staff wrote. That would greatly enhance the effectiveness of the Paris Agreement goal of keeping temperature increase to below 2 degrees Celsius , the IMF staff said.
While a tax is one option for achieving the price floor, it could also work through regulation or emissions trading, Georgieva said. The revenues could be used to compensate households for price increases and helping businesses and workers move from activities with high- to low-carbon intensity, she said. The plan would also be more effective and less divisive than border-adjustment carbon taxes, which are levies on the carbon content of imports, she said.
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