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Reforming the carbon tax

The current Covid-19 pandemic has raised awareness of the urgency of reforming our economy to achieve a global recovery. This endeavour will require the implementation of various strategies aiming for a system reset, at the core of which is the sustainable recovery model.

In 2009 the United Nations General Assembly proclaimed 22 April as International Mother Earth Day. It was a brave act of acknowledgement that the Earth and its ecosystems are our typical home. At the same time, it is a tangible expression of the global conviction that humankind must be in Harmony with Nature to achieve a just balance among the economic, social and environmental needs of present and future generations.

While the global community is actively searching for new ways to achieve sustainable development, resolved to perform an economic system reset, and determined to a green recovery, why don’t we try to reform the taxing system? A right taxation system could help recover quickly and achieve a green recovery of the global economy.

It is universally accepted that everyone has to pay a tax. The truth is that some more prominent companies go to extreme measures, trying to minimise their contribution based on where they are based and where they sell their products.

The new thinking that I am putting into consideration is that instead of taxing the companies for what they produce and sell, we should reform the tax system and calculate the carbon tax by matching the total amount of carbon emissions a company emits into the atmosphere not only in producing the goods, bat also in recycling them and then tax them accordingly.

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