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Thread: Energy bills will have to rise sharply to avoid climate crisis, says IMF

  1. #1

    Energy bills will have to rise sharply to avoid climate crisis, says IMF

    Avoiding dangerous global heating will require governments around the world to impose stringent taxes on fossil-fuel usage that will mean a 43% jump in household energy bills over the next decade, the International Monetary Fund has said.

    The Washington-based Fund said the battle against climate change could only be won if the average carbon tax levied by its member states increased from $2 (£1.63) a ton (907kg) to $75 a ton.

    The IMF said governments worried about a political backlash against big increases in the cost of heating homes and motoring, and should use the extra revenue raised from the tax to compensate consumers.



    “To limit global warming to 2C or less – the level deemed safe by science – large emitting countries need to take ambitious action,” IMF economists said.

    “For example, they should introduce a carbon tax set to rise quickly to $75 a ton in 2030. This would mean household electric bills would go up by 43% cumulatively over the next decade on average – more in countries that still rely heavily on coal in electricity generation, less elsewhere. Gasoline would cost 14% more on average.”

    Calculations by the IMF’s economists show that a $75-a-ton carbon tax would also lead – once inflation has been taken into account – to an average 214% increase in the cost of coal and a 68% increase in natural gas. For the UK, the increases would be 157% for coal, 51% for natural gas, 43% for electricity and 8% for petrol.

    Details of the IMF’s call for a much higher carbon tax came in a chapter from the organisation’s biannual fiscal monitor released before its publication next week.

    “Without substantial mitigation of greenhouse gas emissions, global temperatures are projected to rise by around 4C above preindustrial levels by 2100 (they have already increased by 1C since 1900),” the IMF said.

    “Global warming causes major damage to the global economy and the natural world and engenders risk of catastrophic and irreversible outcomes such as rising sea levels, extreme weather events (already more frequent) leading to loss of life and the possibility of much higher warming scenarios.”

    The IMF said it was calling for a substantially higher carbon tax because the carbon dioxide from fossil fuels accounted for almost two-thirds of global greenhouse gas emissions and was the most immediately practical to control.

    more.. https://www.theguardian.com/environm...risis-says-imf
    "The Patriarch"

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  3. #2
    And what happens if you go off grid? Will you get Waco'd?
    "The Patriarch"

    Quote Originally Posted by UWDude View Post
    I get most of my news from Swordsmyth.
    Quote Originally Posted by Swordsmyth View Post
    That is a lie.
    @Brian4Liberty, devil keeps spreading this lie.
    Quote Originally Posted by Swordsmyth View Post
    I will report violations of the forum rules to the forum staff when they are egregious enough.

    You should remember that.

  4. #3
    Yeah $#@! the IMF .
    Do something Danke

  5. #4
    Okay what if your heating comes from electricity sourced from nuclear power?



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