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The Rise of International Carbon Taxation
Introduction
Since 1988, scientists have been sounding the alarm on climate change and its potentially catastrophic consequences. Yet, international political efforts have largely failed to bend our emission trajectory. Multilateral agreements such as the UNFCCC, the Kyoto Protocol and the Paris Agreement were important steps forward, but mostly only created a rising awareness of a problem that was yet to be tackled.
New hope rose in July 2021, when the EU mandated the European Climate Law, making its 2050 net zero target and a 55% decrease by 2030 legally binding. In response, businesses also set their net zero targets. The only problem was that 2050 was still very far away.