Addressing climate change through carbon taxes

-Research shows that putting a price on carbon-based fuels, in the form of a fee or tax, is an effective way of reducing GHG emissions and pollution levels across the globe.

-A carbon tax policy can raise significant revenue for countries, which can then be used to address the economic harm caused by the burning of fossil fuels.

-Countries yet to put in place a carbon tax should learn from experiences of places like South Africa and Canada’s British Columbia that have successfully implemented one.

In 2020, we witnessed several extreme weather events around the globe. There were hot and dry weather conditions that led to record-setting wildfires in vast areas of California, Brazil and Australia. And that year’s hurricane season featured 30 destructive named storms in the North Atlantic and 12 land-falling storms in the US.

For the 2021 Atlantic hurricane season, meteorologists at Colorado State University predict that there is about a 6 in 10 chance of another active hurricane season ahead. Research further shows that long-running droughts have destroyed agricultural products and have pushed millions of people into hunger in Madagascar and Zimbabwe. Accordingly, it has been projected that global warming has the potential of condemning over one-third of the earth’s animal and plant species to extinction by 2050 if greenhouse gas (GHG) emissions continue to rise unchecked.

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