VATupdate

Israeli Government Approves Carbon Pricing to Address Climate Change

The Israeli Government has announced its decision to approve the implementation of a carbon pricing mechanism to help address the economic and environmental damage of greenhouse gas emissions and climate change. This includes targets of reducing greenhouse gas emissions by 27% in 2030 and 85% in 2050 as compared to 2015. To achieve these goals, carbon pricing (tax) through the excise mechanism will be implemented. From 2023 to 2028, carbon pricing will be applied to coal, liquified petroleum gas, fuel oil, petroleum coke, and gas at gradually increasing rates with protections put in place to limit any increases in electricity prices to 5% during the period. Certain transport fuels, including gasoline and diesel, will not be subject to carbon pricing given the already high excise taxes on these fuels. Carbon pricing will later be extended to other sources of greenhouse gas emissions, such as landfills.

Source Orbitax

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