Analysis of carbon tax efficiency in energy industries of selected EU countries

A carbon tax is one of economic policy instruments of environmental protection supposed to contribute to the reduction of greenhouse gas (GHG) emissions. A functional carbon tax aims at incorporating costs for elimination of environmental harm into the pricing decisions. In terms of global climate c...

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Vydáno v:	Energy policy Ročník 134; s. 110955
Hlavní autoři:	Hájek, Miroslav, Zimmermannová, Jarmila, Helman, Karel, Rozenský, Ladislav
Médium:	Journal Article
Jazyk:	angličtina
Vydáno:	Kidlington Elsevier Ltd 01.11.2019 Elsevier Science Ltd
Témata:	Carbon carbon markets Carbon tax Climate change Denmark Economic instruments Economic models Economic policy Elimination Emissions Emissions control Energy consumption Energy industry Energy policy Energy sector energy use and consumption Environmental assessment Environmental degradation Environmental policy Environmental protection Environmental tax EU ETS European Union Finland Fossil fuels Fuel consumption Global climate Greenhouse effect Greenhouse gas emissions Greenhouse gases Ireland prices Production Regression analysis Regression coefficients Renewable energy renewable energy sources Slovenia Solid fuels Sweden Tax increases Tax rates Taxation Variables Denmark Sweden Slovenia Ireland Finland Energy sector Economic instruments Greenhouse gas emissions Environmental policy Carbon tax EU ETS
ISSN:	0301-4215, 1873-6777
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Shrnutí:	A carbon tax is one of economic policy instruments of environmental protection supposed to contribute to the reduction of greenhouse gas (GHG) emissions. A functional carbon tax aims at incorporating costs for elimination of environmental harm into the pricing decisions. In terms of global climate change, the carbon tax is usually imposed on the production, distribution or consumption of carbon-content fossil fuels. The main aim of the study is to evaluate the carbon tax environmental effectiveness in the energy industries of selected EU countries, namely Sweden, Finland, Denmark, Ireland and Slovenia. To achieve the principal research objective, the multiple panel regression method for the selected variables was used, the synergy of other environmental policy tools being taken into account. Control variables employed were emission allowance price, household final consumption expenditure, corporate investments, solid fuel consumption and renewable energy consumption. The analysis results suggest that the carbon tax in the energy industry is environmentally efficient, an increased tax rate allowing to reduce GHG production, which is statistically significantly affected by the consumption of fossil fuels. Based on the estimated partial regression coefficient (−0.01158), raising the carbon tax by one euro per tonne can cut annual per capita emissions by 11.58 kg. •CO2 tax higher by 1EUR/tonne may decrease the (annual) emissions/capita by 11.58 kgs.•No evidence about partial negative effect of the EUA price on GHG emissions.•Carbon tax more environmentally efficient than EU ETS in a long-term period.•Consumption of fossil fuels and renewables influences CO2 emissions.
Bibliografie:	ObjectType-Article-1 SourceType-Scholarly Journals-1 ObjectType-Feature-2 content type line 14 content type line 23
ISSN:	0301-4215 1873-6777
DOI:	10.1016/j.enpol.2019.110955