Role of Carbon Tax in Containing Carbon Emission – A Comprehensive Analysis
Carbon emission is one of the most vexed issues of the present times that is directly responsible for climate changes at unprecedented rates. The issue has catapulted in last few years with the negative effects of both carbon emissions and climate change becoming more and more visible. Unfortunately, the governments around the world have not yet woken up to take note of this impending danger and we do not have any international legislation in the form of a convention or a bilateral treaty to deal with the issue. Not only that we do not have a comprehensive definition for carbon tax, let alone the standards to be adopted for the imposition of the same. Even though some steps have been taken in the direction of making carbon tax law mandatory in India and elsewhere, yet the obvious drawbacks of carbon tax on developing countries have been one of the reasons for the proper implementation of the same. This paper thus aims to undertake a comprehensive analysis of the concept of carbon tax from the national and international legislative context.