24 Sep '11, 1am

IMF, World Bank eye carbon tax on airline, ship fuels

WASHINGTON, USA: The World Bank and IMF are proposing global carbon taxes on aviation and ship fuels in developed economies to help reduce carbon dioxide emissions, according to a draft proposal seen by AFP on Friday. The proposal suggests an international charge on aviation and maritime bunker fuels of US$25 per ton of CO2, which it said would "reduce CO2 emissions from each sector by around five to 10 per cent." Such a charge, if implemented well, could also bring in US$250 billion in taxes in 2020, according to the report, which focuses on how funds to fight climate change can be mobilised. The report recommends the plan for the "Annex II Countries" of the UN Climate Change Convention, including most developed economies. The report stressed the difficulty of coordinating such a global tax, especially for bunker fuel, which ship operators can easily source in countries t...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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