Carbon taxes first, then environmental taxes

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Torstai 15.7.2021 klo 19:23 - Mikko Nikinmaa

Both European Union and USA are planning to introduce carbon taxes on imports from third countries with more lenient standards in coal use in production. Since these two areas are the most important users of, e.g., steel, which is among the products that will be taxed for coal use, also production in third countries will certainly soon fulfill US and European standards to avoid taxation.

This is a first step, which is hopefully followed by taxing all imports to Europe, which do not follow European environmental standards. Such measures will also affect companies having headquarters in Europe, as a lot of production has been relocated to areas with less strict environmental standards and lower wages. Such a change would be beneficial both to the third countries, as the environmental impacts of factories remaining there would be markedly reduced, and to the European countries, as some production would certainly return Europe because the costs in the “cheap countries” would increase towards European costs.

Avainsanat: climate change, environmental pollution, environmental economics

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