Australian fossil fuel tax could raise $100bn in first year alone, Rod Sims and Ross Garnaut say
by Peter Hannam Economics correspondent from Environment | The Guardian on (#6JKCZ)
Revenue from carbon solution levy could subsidise green iron, aluminium and fuel production, veteran economists argue
A tax on fossil fuel production could help fund Australia's transition to becoming a carbon-free energy giant, lower the cost of living and assist the world to cut greenhouse emissions, according to two veteran economists.
Ross Garnaut, a leading economist during the Hawke government, and Rod Sims, a former head of the competition watchdog, say a so-called carbon solution levy would raise $100bn in its first year alone if introduced in 2030-31 and set at Europe's five-year average price of $90/tonne of carbon dioxide-equivalent.
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