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China Could Levy Carbon Tax in 2012

As early as 2012, China could levy a carbon tax on enterprises, according to China Daily.

Coal, natural gas and oil companies would have to pay a carbon tax in accordance with their CO2 emissions. Revenue from the tax would subsidize environmentally friendly industries.

“The Chinese language Economic Information Daily quoted official sources in the Ministry of Finance as saying the tax would start at 20 yuan (£1.95) per tonne of carbon dioxide, and rise to 50 yuan a tonne by 2020,” BusinessGreen reports. “The tax would equate to 11 yuan per tonne of coal and 17 yuan per tonne of oil.” The plan is to introduce a carbon tax with a low starting point in either 2012 or 2013.

Information on where the US stands on its climate bill is here.

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