Putting a price on carbon dioxide emissions will raise £14.8 billion in tax for governments around the world this year, according to new figures.

The Climate Markets & Investment Association (CMIA) found that around three quarters of the taxes will be raised due to the European Union (EU) Emissions Trading Scheme (ETS) and carbon levies in several European countries.

The figure marks a “significant” increase on the £9.6bn raised during 2014, the report said.

Carbon taxes have increased in California, France, Scandinavia and the UK.
Carbon pricing at Paris conference

The report comes ahead of the United Nations’ climate change conference (COP21) next month.

Richard Folland, Executive Director at CMIA, said: “Carbon pricing looks likely to be a signature issue at the Paris COP21 as a contribution to the public policy debate.”
The report said that the amount raised through taxes is likely to increase and that a debate was expected to take place on how the revenues should be spent.

> Download the report