Everyone's a winner with the new Energy Tax Directive

The EU is a global pioneer in green fiscal policy and has a record on environment and climate of which all EU citizens should be proud. The region implemented the first Emissions Trading System (ETS) in the world for the reduction of greenhouse gas (GHG) emissions, which now covers all 27 EU countri...

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Bibliographic Details
Published in:International tax review 2011-12
Format: Magazinearticle
Language:English
Subjects:
Budget deficits
Carbon
Climate change
Economic development
Economic planning
Emissions
Emissions trading
Energy efficiency
Environmental protection
Environmental tax
Fiscal policy
GDP
Green economy
Greenhouse effect
Greenhouse gases
Gross Domestic Product
International
Prices
Proposals
Regulatory reform
Sovereignty
Subsidies
Sustainable development
Tax increases
Tax rates
Tax reform
Tax regulations
Taxation
Treasuries
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Summary:The EU is a global pioneer in green fiscal policy and has a record on environment and climate of which all EU citizens should be proud. The region implemented the first Emissions Trading System (ETS) in the world for the reduction of greenhouse gas (GHG) emissions, which now covers all 27 EU countries and influences the behaviour of many others. The EU also recently published its Europe 2020 Strategy, in which countries agreed on strategies and guidelines for smart and sustainable growth, including green tax shifting to tax labour less and pollution more. Yet even in the EU, where much progress has been made, a green economy has not been realised. If we wish to green our economies while safeguarding prosperity and social justice, then we need to identify, agree upon and implement appropriate policies. Green fiscal reform - which uses the power of prices within the market to drive sustainable development by increasing environmental taxation or phasing out environmentally harmful subsidies - is the single most important policy tool we have at our disposal.
ISSN:0958-7594