France to Impose Carbon Tax

Paris at NightFrance is planning to introduce a carbon tax next year that will cover the use of oil, gas and coal.

The new tax will be USD 22 per tons of emitted carbon dioxide (CO2). It will be phased in gradually.

Little impact on households
It will apply to households as well as enterprises, but not to the heavy industries and power firms included in the EU’s emissions trading scheme.

The measure would yield USD 3.2 billion in 2015 and USD 5.4 billion in 2016.

There will be little impact on households as most electricity in France – excluded from the new carbon tax – is nuclear generated.

Investments in renewable energy
The carbon tax would let France invest an extra USD 1.3 billion in its so-called energy transition from 2016, on top of nearly USD 5.2 billion already spent annually on renewable energies and USD 1.3 billion on household renovation

France aims for a 30 percent cut in fossil fuel use by 2030, setting out plans for the carbon tax from 2014 and a tax break on home insulation.

The incentives for households to carry out thermal renovation, supported by a reduced 5 percent rate of value-added tax for such work, would be worth USD 2 billion next year.

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