The UK is the first major economy to set a 2050 net carbon neutral target to end its contribution to global warming. The tax system is one of the primary levers that the government has at its disposal to effect change. However, the more successful environmental taxes are in changing behaviour, the less revenue they raise. Responding to climate change will require increased government stimulus. Our income-based system of taxation will have to be replaced with a system that meets the changing drivers and motivators of societal behaviour.
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The UK is the first major economy to set a 2050 net carbon neutral target to end its contribution to global warming. The tax system is one of the primary levers that the government has at its disposal to effect change. However, the more successful environmental taxes are in changing behaviour, the less revenue they raise. Responding to climate change will require increased government stimulus. Our income-based system of taxation will have to be replaced with a system that meets the changing drivers and motivators of societal behaviour.
If you are not a subscriber, subscribe now to read this content.
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