Solution:

Research shows that carbon taxes effectively reduce greenhouse gas emissions. A carbon tax is a tax levied on the carbon content of fuels (transport and energy sector) and, like carbon emissions trading, is a form of carbon pricing. … As of 2019, over 40 countries have implemented carbon taxes. 77 countries and over 100 cities have committed to achieving net zero global emissions by 2050.

There is overwhelming agreement among economists that carbon taxes are the most efficient and effective way to curb climate change, with the least adverse effects on the economy.

There is a consistently high level of public support across nations for a global carbon tax if the tax policy is carefully designed, according to a survey of people in the United States, India, the United Kingdom, South Africa and Australia. Such tax is encouraging electric utilities to rapidly switch from coal to somewhat cleaner natural gas.

This is perhaps the clearest example in the world of a carbon tax leading to a significant cut in emissions. It should however be introduced gradually to be successful: a 1% per year guaranteed increase in gasoline taxes would give consumers time to shift to more economical vehicles.

Discover Solution 174: Global seed vault

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