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23 Mar 2009 05:03:02

Carbon tax and trading system needed

Carbon tax and trading system needed
A combined system of carbon taxes alongside a trading scheme would address the problems faced by the existing carbon trading schemes and help promote private sector investment in tackling climate change, according to PricewaterhouseCoopers.

The consultancy firm claims that trading schemes, such as the European Emissions Trading Scheme, are not enough to stimulate investment in low carbon technologies because of uncertainty and recent low prices for carbon in the market.

Instead, in a new white paper it recommends a combined system of taxes to ensure a minimum carbon price and trading to limit overall costs.

John Hawksworth, head of macroeconomics at the firm, said: "A hybrid trading scheme with price ceilings and floors offers a potentially attractive balance of price flexibility and predictability that we think merits serious consideration by governments as a potential alternative to either pure trading or pure tax solutions."

Trading schemes around the world have been criticised, and in New Zealand, MPs are advocating the introduction of a Carbon Tax instead.


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