27 January 2009

EU Presents Greenhouse Gases Levy

Daily Planet Media, 2009-01-27

The European Union wants a levy on greenhouse gases to combat human-made global warming.

Rich nations could raise $200 billion through a greenhouse gases levy, according to a EU proposal that will be submitted to the climate change summit in Copenhagen this December.

The EU plan is for a greenhouse gases tax levied from 2013-2020 would assist poor countries prepare for climate change and become the cornerstone for a new climate treaty to replace the Kyoto Protocol.

A draft paper on the EU's greenhouse levy proposal, sighted by Daily Planet Media, outlines how developed countries contribute to financial resources for adaptation and mitigation in developing countries.

A greenhouse gases levy is viewed by many governments as a preferred alternative to carbon offsetting that allows developing countries to earn money in return for curbing greenhouse gases.

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