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Emissions Trading and Tax

John Manning and Sunny Ghatauray from the PricewaterhouseCoopers LLP environmental tax and regulation network consider the accounting and tax treatment of emission trading schemes
The premise of setting and maintaining a price to business for the privilege of emitting carbon dioxide was one of the main themes running throughout the Government's energy white paper. This is a sensible approach using simple economics to control emissions levels. By making the right to emit CO2 a scarce resource market forces will in theory at least act to set a price for that right and enable industry to evaluate the costs of using cleaner methods and technologies by reference to that market price.
This end is being approached by a number of mechanisms. There are certificates issued under the clean development...
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