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International Monetary Fund. European Dept.

, for instance, through an explicit carbon tax or through a cap-and-trade system, i.e., EU-ETS. 19 10. Several measures have already been implemented to appropriately price carbon . The EU’s Energy Taxation Directive 20 , recommends the reinforcement of carbon taxation and to use the attendant revenue to finance measure to reduce its GHG emissions and to protect the most vulnerable households. About ¾ of Portugal’s total GHG emissions are already subject to some form of carbon pricing ( Box 1 ). Almost half of Portuguese companies in the energy and industry sectors

Mr. Simon Black, Ms. Ruo Chen, Ms. Aiko Mineshima, Victor Mylonas, Ian W.H. Parry, and Dinar Prihardini

. Introduction of a national ETS . On January 1, 2021, a national ETS covering CO 2 emissions from transportation and heating fuels became operational, with a price of €25/tonne of CO 2 . Carbon pricing is scheduled to increase to €55 by 2025 in a step-wise manner. From 2026 onwards, an emissions cap will be set, which will decline over time in line with 2030 emissions targets, but with an initial price range of €55 to €65 per tonne. The path of carbon prices can be amended once the parliament has approved the revised CCA. The national ETS supplements the EU ETS, which covers

Nicoletta Batini, Ian W.H. Parry, and Mr. Philippe Wingender

least, Denmark’s intermediate emissions target is significantly more stringent even than the strengthened targets announced in September 2020 for the EU Green Deal —namely a 55 percent emissions reduction by 2030 relative to 1990 levels. Supplementary targets (at EU and/or national level) include: 4 A prospective ban on sales of new ICE vehicles by 2030 and replacing them largely with EVs; 5 EU standards for the fleetwide average emission rates of new passenger vehicles that decline from 130 grams CO2/km in 2015 to 65 grams CO2/km in 2030; Reducing non-EU ETS

Nicoletta Batini, Ian W.H. Parry, and Mr. Philippe Wingender
Denmark has a highly ambitious goal of reducing greenhouse gas emissions 70 percent below 1990 levels by 2030. While there is general agreement that carbon pricing should be the centerpiece of Denmark’s mitigation strategy, pricing needs to be effective, address equity and leakage concerns, and be reinforced by additional measures at the sectoral level. The strategy Denmark develops can be a good prototype for others to follow. This paper discusses mechanisms to scale up domestic carbon pricing, compensate households, and possibly combine pricing with a border carbon adjustment. It also recommends the use of revenue-neutral feebate schemes to strengthen mitigation incentives, particularly for transportation and agriculture, fisheries and forestry, though these schemes could also be applied more widely.
Ian W.H. Parry and Mr. Philippe Wingender

. Historical EU ETS Allowance Prices 6. Supply Cost, Environmental Cost, and Fuel Product and Country, 2017 7. Registration Tax Schedule by CO2, Emission Rate (Percent) 8. Basic Vehicle Tax Schedule by CO2, Emission Rate (€/year) 9. Reduction in Fossil Fuel CO2 From Emission Target and Carbon Pricing in 2030, Selected Countries 10. CO2-Based Components of Vehicle Taxes, Selected Countries. 11. Energy Price Impact of Carbon Price, 2030 12. Household Energy Consumption, By Source 13. Energy Consumption Share by Source 14. Carbon Tax Burden by Source 15