Keywords: Kyoto commitment, taxation of fossil fuels, containment of CO&, lt, SUB align=, right&, gt, 2 emissions
Taxation of greenhouse gases: why Kyoto will not be implemented
The Kyoto commitment by the OECD countries, involves a 28% reduction of CO2 emissions by 2010 from what they would otherwise have been. Recent analyses by the IEA point to the herculean task that is required. A combination of commandeered early retirement of one-half of all coal power plants and a coal tax that increases fossil fuel prices to far above the level experienced during the worst OPEC excesses, is needed to live up to that commitment. Implementation of these measures is likely to prove far more expensive than the damage cost of climate change, as assessed by the IPCC. The commitment will not be implemented, once the politicians and the public realise the size of the burden that is involved.