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Edited by Natalie P. Stoianoff, Larry Kreiser, Bill Butcher, Janet E. Milne and Hope Ashiabor

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Edited by Natalie P. Stoianoff, Larry Kreiser, Bill Butcher, Janet E. Milne and Hope Ashiabor

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Cristina Brandimarte

The global degree of carbon dioxide (CO2) concentration in the atmosphere has reached worryinglevels, continuing to rise along a steep upward trend.Stabilizing or even reducing CO2 concentration would require drastic global emissions abatement, considerably above 50 per cent. Such a great reduction, difficult to attain within a reasonable time horizon, would entailhuge costsfordevelopingcountries. Most recent guidelines suggest large-scale integrated approaches, combining measures to both strengthen efforts to reduce emissions and boost carbon sequestration.Among market-based instruments, literature indicates that carbon taxes are one of the most cost-effective for emissions reduction,in particular, upstream (or production-based) CO2 taxation,a tax levied the point of source, as it has low administrative costs and ensures great coverage. If imposed unilaterally,however, this kind of tax could entail significant economic costs, mainly through competitiveness losses, and could become environmentally ineffective due to carbon leakage phenomena.Literature then suggests as a viable alternative, the CAT (carbon-added tax), a downstream, or consumption-based, carbon tax. It has the advantage ofprotecting competitiveness of domestic producers, as it is levied on imports and reimbursed on exports. In this chapter, the implementation of a fuel-added carbon tax (FACT), a duty levied on fossil fuel embodied in goods and services and modelled after value-added tax (VAT), is considered and compared with the tax on fossil fuel purchases (FCT), the simplest and most common upstream carbon tax. In particular, macroeconomic effects of both taxes are estimated for Italy. The chapter also briefly reviews characteristics and implications of production-based carbon taxes; examines downstream taxation and describes the FACT; deals with differences between FCT and FACT both from a theoretical and empirical point of view. In particular, the effects of their implementation in Italy are analysed and compared. A technical appendix on FACT simulation follows the conclusion.

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Edited by Natalie P. Stoianoff, Larry Kreiser, Bill Butcher, Janet E. Milne and Hope Ashiabor

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Edited by Natalie P. Stoianoff, Larry Kreiser, Bill Butcher, Janet E. Milne and Hope Ashiabor

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Jill Wakefield

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Jill Wakefield

This chapter considers the predicament of the overexploited EU fishing grounds and why the most integrated and regulated region of the world, the European Union, has failed to ensure the sustainability of its fish stocks. The Common Fisheries Policy (CFP), rooted in the Common Agricultural Policy regulating the husbandry of the land and harvesting of crops, has never developed effective principles or strategies to prevent the overexploitation of stocks and has failed to impose responsibility for the regeneration of fish stocks on the industry. The Court of Justice has not provided coherence for the CFP, being more exercised by individual rights and the constitutionalisation of the law internally, and concerned not to tie the hands of legislators in external affairs. Although the EU Treaties require the integration of environmental protection in all Union policies and objectives, the CFP is not made subject to environmental provisions. In 2014 a reformed CFP came into effect through the 2013 Basic or Fisheries Regulation. However, as with previous iterations of the CFP, the new regulation will not be effective to overcome overexploitation.
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Jill Wakefield

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Jill Wakefield