France and Canada get the highest revenues from carbon taxes

France and Canada are the countries that obtain the highest revenues in the world from taxes on CO2 emissions, according to World Bank figures, cited by visualcapitalist.com.

Carbon taxes are designed to discourage CO2 emissions by increasing the cost of carbon-intensive activities and by stimulating the adoption of cleaner energy alternatives.

According to data for 2022, published by the World Bank in April 2023, the top 15 countries that generated the highest revenues from carbon taxes together obtained approximately 30 billion dollars. Of this amount, France obtained 8.9 billion dollars, and Canada - 7.8 billion dollars, so that the two countries generated more than half of the total. Both countries have implemented comprehensive carbon tax systems, covering a wide range of sectors, including transport and industry, and set relatively high carbon tax rates.

In Canada, total carbon tax revenues include both national and provincial taxes.

In the third place in the profile ranking, according to the quoted source, is Sweden, with 2.3 billion dollars, on the fourth - Norway, with 2.1 billion dollars, and on the fifth - Japan, with 1.8 billions of dollars. Followed by Finland ($1.7 billion), Switzerland ($1.6 billion), Great Britain ($0.9 billion), Ireland ($0.7 billion), Portugal and Denmark (each with 0, 5 billion), Argentina ($0.3 billion), Mexico ($0.2 billion), South Africa and Singapore ($0.1 billion each).

A recent study showed that carbon taxation needs to be supported by other measures and innovations. According to a report by Queen's University, there is no feasible carbon pricing scenario that is high enough to limit emissions to achieve warming below 2.4°C on its own. We remind you that according to the Paris Agreement on climate change, the world's governments must aim to keep the rise in global average temperature well below 2°C above pre-industrial levels and continue efforts to limit it to 1.5°C.

The Paris Agreement entered into force on November 4, 2016, with the fulfillment of the condition that required its ratification by at least 55 countries responsible for at least 55% of greenhouse gas emissions. All EU member states have ratified the agreement.

• CO2 emissions from China's energy sector are increasing

Carbon dioxide (CO2) emissions from China's energy sector rose 5.2% in 2023, meaning a record 4-6% drop is needed by 2025 to meet the government's "carbon intensity" target , claims Lauri Myllyvirta, analyst at the Center for Energy and Clean Air Research (CREA). In an analysis published on the website decarbonbrief.org, it says that in China, rapid growth in electricity demand and poor rains have boosted demand for coal power in 2023, while the return from restrictive policies to zero- Covid boosted oil consumption.

According to the source, China's CO2 emissions increased by 12% between 2020 and 2023 amid a response to the Covid-19 pandemic that involved excessive energy and carbon consumption. In addition, China risks missing all other key climate targets for 2025, including commitments to strictly limit growth in coal demand and strictly control new coal-fired electricity capacity.