World Bank highlights need to reduce emissions as carbon tax payments increased in 2023

May 25, 2024 News

Kaieteur News – A new World Bank Report has underscored the need to reduce carbon emissions as tax payments imposed by governments registered an increase in 2023.

The report titled ‘State and Trends of Carbon Pricing 2024: Positive progress on carbon pricing, but more is needed’ was made public on May 21.

It explains, “Carbon pricing revenues continued to increase in 2023, exceeding the threshold of USD 100 billion for the first time.” To this end, total revenues from carbon taxes and Emissions Trading Systems (ETSs) in 2023 was US$104 billion, representing an increase of around 4% in real terms.

The World Bank emphasized that while political commitment continues to build, more action is needed to reduce emissions. According to the document, “Over 90% of the 195 parties to the Paris Agreement have adopted quantified emission reduction targets, and more than 95 countries have announced net zero pledges, covering over 85% of global, energy-related CO2 emissions.”

In the meantime, if the countries collectively meet net zero targets global warming could be limited to around 2°C above pre-industrial levels, according to the World Bank.

The report explains, “In 2025, the parties to the Paris Agreement will submit new nationally determined contributions (NDCs) for 2035, and they are expected to reflect an increase in ambition. However, on the whole, countries’ mitigation policy instruments are insufficient to meet current NDCs.”

In fact, the World Bank report projects that even with policies currently in place, global emissions in 2035 are expected to be 36% higher than the level consistent with limiting warming to 2°C, and 55% higher than the level consistent with limiting warming to 1.5°C.

Consequently, the global institution urges immediate and sustained focus on the implementation of new policies.

In Guyana, the government instituted a carbon tax in the form of a flaring fee on American oil giant, ExxonMobil. The company is required to pay up some US$50 per tonne of carbon emissions released into the atmosphere during the burning of associated natural gas during oil production activities.

Notably, in 2022, Exxon paid some US$9 million in flaring fees to Guyana’s Environmental Protection Agency (EPA). Minister of Natural Resources, Vickram Bharrat when contacted by this newspaper on May 7, for information on the carbon taxes paid by Exxon for 2023, referred the newspaper to the EPA. The Executive Director of the agency, Kemraj Parsram was subsequently contacted since May 9, 2024 and committed to sharing the information but is yet to do so. He was last reminded by Kaieteur News of the request for information on May 16.

carbon, emissions, fee, Flaring, tax

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World Bank highlights need to reduce emissions as carbon tax payments increased in 2023

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