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The Low Carbon Economy Ltd

13 Dec 2007 04:12:27

'Carbon tax' should replace carbon trading

'Carbon tax' should replace carbon trading
Carbon trading is flawed and should be replaced by a carbon tax, according to a leading politician.

The system is both inefficient and open to corruption, claimed Michael Bloomberg, the Mayor of New York City, and a system of taxation on carbon-emitting fuel production would produce far more success.

He argued that taxing fossil fuel producers would encourage them to develop more environmentally-friendly fuel technology, the International Herald Tribune reported.

"It's [carbon trading] a very inefficient way to accomplish the same thing that a carbon tax accomplishes," Mr Bloomberg said. "It leaves itself open to special interests, corruption, inefficiencies."

"You really want to tax the coal producers in a way that coal producers could reduce that tax by investing in technology and in ways to make coal a cleaner-burning, less polluting fuel," he added.

According to the newspaper, Mr Bloomberg is set to announce a series of proposals targeted at reducing New York's carbon emissions by 30 per cent before 2030, including promoting energy efficient buildings and hybrid-fuelled taxis. ADNFCR-1235-ID-18393685-ADNFCR

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