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International Monetary Fund. Fiscal Affairs Dept.

Abstract

This report emphasizes the environmental, fiscal, economic, and administrative case for using carbon taxes, or similar pricing schemes such as emission trading systems, to implement climate mitigation strategies. It provides a quantitative framework for understanding their effects and trade-offs with other instruments and applies it to the largest advanced and emerging economies. Alternative approaches, like “feebates” to impose fees on high polluters and give rebates to cleaner energy users, can play an important role when higher energy prices are difficult politically. At the international level, the report calls for a carbon price floor arrangement among large emitters, designed flexibly to accommodate equity considerations and constraints on national policies. The report estimates the consequences of carbon pricing and redistribution of its revenues for inequality across households. Strategies for enhancing the political acceptability of carbon pricing are discussed, along with supporting measures to promote clean technology investments.

International Monetary Fund. Asia and Pacific Dept

importers to pay an import tax or purchase emissions allowance on highly energy intensive products from countries that do not have comparable emissions pricing requirement. This would place Bangladesh’s export firms at a disadvantage in the EU and could appropriate government revenues at Bangladesh’s expense. Underdeveloped Financial Markets . In April 2021, Bangladesh Securities and Exchange Commission (BSEC) approved the first green bonds in Bangladesh, for SAJIDA, a non-governmental organization, to raise Tk 1.0 billion from the capital market. However, the scope for

International Monetary Fund. Fiscal Affairs Dept.

internationally coordinated approach would provide reassurance against losses in competitiveness and address free-rider issues—in fact, country participants may support robust floor prices as this reduces the emissions of other participants, thereby conferring collective benefits for all (for example, Cramton and others 2017 ; Weitzman 2016 ). A common emission price requirement improves the transparency of countries’ actions. A common price floor (ideally a global price floor) is most efficient because emissions are cut where it is cheapest to do so on a global scale. 28