CLIMATE change can exact a heavy toll on the national economy, and one mechanism to come up with funding that can mitigate its adverse consequences is the Climate Damages Tax . Implementation would entail collecting annual fees from fossil fuel companies; about $720 billion is expected to be raised by the end of the decade to support the world's most vulnerable locations facing climate damage, including the Philippines.
The devastation that the country can suffer behooves its government to lead in the implementation of the CDT which will charge fossil fuel companies $5 per ton of carbon dioxide embedded during their extraction of coal, oil and fossil gas. This move will also ensure that the carbon companies pay for their operations while disincentivizing fossil fuel dependence.
Greenpeace Philippines also released a statement saying that the Philippines 'will continue to lose more if climate accountability mechanisms are not put in place while oil and fossil gas companies continue to do business as usual and even expand their operations.'The report pushes that the issuance of the CDT should start with the countries belonging to the Organization for Economic Cooperation and Development, in particular members of the Group of Seven.
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Source: BusinessMirror - 🏆 19. / 59 Read more »