Achieving Environmental Sustainability through Fiscal Policy
- Critical Issues in Environmental Taxation series
Edited by Larry Kreiser, Julsuchada Sirisom, Hope Ashiabor and Janet E. Milne
Chapter 6: Selling Climate Change Mitigation Measures: The Co-benefits of Environmental Fiscal Reform
JOBNAME: Kreiser IX PAGE: 3 SESS: 31 OUTPUT: Wed Aug 24 14:42:29 2011 6. Selling climate change mitigation measures: the co-beneﬁts of environmental ﬁscal reform Jacqueline Cottrell 1. INTRODUCTION 1.1. Setting the Scene: Trends in Greenhouse Gas (GHG) Emissions The Intergovernmental Panel on Climate Change (IPCC) has predicted that signiﬁcant emissions reductions are required to ensure that the average increase in global temperatures does not exceed 2°C. Under most equity interpretations, countries listed in Annex 1 of the United Nations Framework Convention on Climate Change (UNFCCC), which was drawn up during the Earth Summit at Rio de Janeiro in 1992 and entered into force in 1994, will have to reduce their greenhouse gas (GHG) emissions by 40–95 per cent below 1990 levels by 2050 to stabilise concentrations at 450–550 ppm (IPCC 2007c:90). However, GHG emissions are on a rapidly upward trajectory in many countries not listed in Annex 1. Rapidly industrialising economies are accounting for an ever-increasing share of total GHG emissions (from 46 per cent in 1990 to 57 per cent in 2005 (IEA 2007)) and will account for more than 90 per cent of increased primary energy demand between 2008 and 2030 (IEA et al. 2010). Both the IPCC and the consultancy ﬁrm McKinsey & Company (henceforth: McKinsey) agree that it is in these rapidly industrialising countries that the greatest potential for mitigating GHG emissions is to be found. Research by McKinsey suggests that all regions and all sectors will have...
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