In an effort to hit their targets of getting the UK to net zero carbon emissions by 2050, the government are reportedly considering introducing a “carbon tax” on products whose production involves high emissions.
This includes meats and other staple groceries, a move which many predict won’t be popular, especially at a time of large economic uncertainty.
While Labour have responded that the economy might not be strong enough at the moment to take the brunt of new taxes, economists have been optimistic about carbon taxes as a straightforward climate solution.
The adverse effects of carbon emissions and burning of fossil fuels are rarely, if ever, factored into a manufacturer’s own production costs, so there are no incentives to minimise emissions. Carbon taxes would hypothetically remedy this situation, hopefully driving changes to production methods to minimise ecologically unfriendly practices.
It is also hoped that, with more of an economic and financial stake in limited emissions, more investment and research into reaching carbon neutral solutions will be a priority.
However, despite these measures being unpopular with powerful interest groups, the UK government’s independent Climate Change Commission (CCC) is in favour of ministers exploring carbon taxes. They cite the low global oil prices – and through extension consumer energy costs – as a reason why now could be a good time to impose them.
With the rise in more laws and legislation, both internally and internationally, regarding carbon emissions and climate change, these areas are always worth keeping a look out for. It’s a great example of how single pieces of legislation could immediately impact the day to day lives of individual consumers, international corporations, and the planet as a whole.