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Have governments been raising more money from carbon pricing?

Friday, January 8, 2021
By Austin Tannenbaum
YES

Between 2011 and 2019, revenues from taxes and fees on carbon-based fuels across the G-20 countries rose significantly, tripling between 2016 and 2019 to almost $48 billion, according to the Institute for Climate Economics. The number of participating countries has also grown.

A 2016 study looking at how these revenues are spent found that 27% were used for “green” spending, 36% were returned to taxpayers and 26% went to general funds for government expenses. The remaining 11% went to “other earmarks,” with no mention of any revenue being allocated to the United Nations.

According to 2020 World Bank data, 60 carbon pricing initiatives are currently implemented, covering 45 nations and 33 subnational jurisdictions.

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