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Carbon taxing seems to be the favored, albeit still controversial, solution offered at the UN Climate Summit at Durban.
While the issue of taxing carbon emissions has been raised by major industry contributors - such as the aviation and shipping industry - which most representatives and interest groups concerned are in agreement of, there have also been suggestions to impose carbon taxes on agriculture, an area that is a bit more murky and sensitive.
A significant portion of the funds collected through these carbon taxes, which is a tax on the carbon content of fuel, or more on carbon dioxide emissions from burning fossil fuels, will be channeled into the Green Climate Fund as source of reliable revenues.
The fund, in theory, would be used to provide up to US$100 billion each year to help countries, most vulnerable to climate change, pay for programmed to adapt and reduce their own emissions. The establishment of this fund was agreed upon in the last installment of the Conference of Parties (COP16) to the UN climate change convention in Cancun, Mexico last year.
The carbon tax in aviation has both its strong proponents as well as its detractors. The EU, for example, has said yesterday that it would not back down on the levy to tax the carbon emissions on international airlines, and would impose the tax on all airlines flying into or out of European airports.
The measure has been opposed in European courts by at least two American airlines, with more challenges expected from Chinese airlines as well.
The Chinese delegation has expressed its firm opposition arguing that such a unilateral or mandatory action would constrain the growth of international aviation. Venezuela has described the proposed measure as "a bomb," and was concerned that it could "cause lots of problems at the international level."
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