Energy taxes can produce substantial environmental and revenue
benefits and are an important component of countries' fiscal
systems. Although the principle that these taxes should reflect
global warming, air pollution, road congestion, and other adverse
environmental impacts of energy use is well established, there has
been little previous work providing guidance on how countries can
put this principle into practice. This book develops a practical
methodology, and associated tools, to show how the major
environmental damages from energy can be quantified for different
countries and used to design the efficient set of energy taxes. The
results, which are illustrated for more than 150 countries, suggest
there is pervasive mispricing of energy across developed and
developing countries alike with much at stake in policy reform. At
a global level, implementing efficient energy prices would reduce
carbon emissions by an estimated 23 percent and fossil-fuel air
pollution deaths by 63 percent, while raising revenues (badly
needed for fiscal consolidation and reducing other burdensome
taxes) averaging 2.6 percent of GDP.
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