Episode
30

Carbon Tax and Carbon Regulation Basics

January 19, 2022
|
Duration:
1895189
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In This Episode:

Join energy coaches David Arkell and John Pooley on an episode on carbon tax and carbon regulation basics. This episode features the purpose of carbon tax and carbon regulation, the differences in North America and Europe, government involvement, and more.

Highlights

  • Hierarchy of Carbon Actions: Direct emissions reductions should always take priority. Offsets are valuable but should be used as a supplementary measure for residual emissions, not as the primary strategy.
  • The Complexity of Offset Verification: Proper verification of offsets is essential, as they are often intangible. Ensuring single ownership, avoiding double-counting, and accurately measuring actual carbon removed are crucial for effective offset implementation.
  • Economic and Social Benefits of Certain Offsets: Offsets like mangrove conservation not only sequester carbon but also provide co-benefits such as coastline protection, biodiversity support, and community resilience.
  • Public Perception and Event Offsetting: High-profile events, such as COP26, often use offsets to achieve carbon neutrality. While this is a positive step, focusing on direct emission reductions for such events is often more impactful and transparent.
  • Future of Carbon Offsetting: With increasing scrutiny on offsets, companies must adopt rigorous “buyer beware” practices to ensure offsets meet strict standards. Rising demand for offsets may drive up prices, further encouraging companies to prioritize direct emissions reductions.

    • Key Insights

  • Purpose of Carbon Tax and Regulation: Carbon tax and regulation are tools governments use to influence public and corporate behavior by either taxing emissions or mandating reductions, thereby incentivizing cleaner practices.
  • European Leadership in Carbon Policies: European countries, particularly the UK, have led in carbon reduction efforts, driven by higher energy costs and political motivations. Policies like the UK’s Climate Change Levy exemplify this leadership.
  • Carbon Tax in Canada: Canada employs a federal carbon tax, with British Columbia leading the initiative. This tax aims to encourage industries and consumers to adopt cleaner energy solutions while maintaining economic competitiveness.
  • Complexity and Transparency in Carbon Pricing: Effective carbon policies rely on transparency to ensure individuals and businesses understand their carbon costs, enabling informed financial and environmental decisions.
  • Long-Term Impact and Consistency: Sustained commitment across political administrations is critical. For instance, the UK embeds carbon budgets in legislation, ensuring policy stability regardless of political changes.
    • Share this story
    Carbon Tax
    Energy Security
    Energy Policy
    Energy Costs
    Climate Change
    Carbon Pricing
    Carbon Emissions
    Carbon Reduction
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