Damien English
Question:48 Mr. English asked the Minister for Finance his latest estimate of the impact of a carbon tax on carbon emissions. [8692/04]
View answerTuesday, 23 March 2004
Questions (59)
Written answers
The most recent estimate of the effect of various tax rates in terms of revenue raised and the expected reduction in carbon emissions is shown in the following table.
|
Tax Rate |
Revenue Raised (€) |
CO2 reduction (Mt) |
|
€ |
€ million |
|
|
7.50 |
200 |
0.75 |
|
10 |
265 |
1.01 |
|
15 |
390 |
1.51 |
|
20 |
510 |
2.02 |
|
25 |
625 |
2.52 |
*To facilitate comparison with figures supplied previously, it might be noted that not providing an exemption for those covered by emissions trading would add from approximately €100 million to €250 million, depending on the tax rate, to the revenue figures for 2010, which assume a reduction in energy use by that date. The revenue streams for each tax rate would be higher in earlier years.