Český finanční a účetní časopis 2024(1):47-76 | DOI: 10.18267/j.cfuc.588

The role of environmental taxes and other political instruments on the road to climate neutrality

Josef Gotvald
Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra veřejných financí, Praha

Climate change and climate neutrality targets for 2050 in the case of the EU bring the need for effective environmental policy instruments. Environmental taxes, green innovations, carbon pricing, emission allowances and other instruments are attracting increasing attention in academic as well as economic and environmental policy debates. This paper provides a detailed review of the theoretical and empirical literature on the role of policy instruments in the path towards climate neutrality, in particular on the effectiveness of environmental taxes, innovations, and established policies across the globe. A separate section also examines the two most widely used approaches for putting a price on carbon – carbon taxes and emission allowances. Environmental policy instruments are combined, however, none of them alone contributes to significant environmental improvements, as confirmed by several major studies. But stricter regulation and improved instruments go a long way towards achieving climate neutrality.

Keywords: Environmental taxes; Innovations; Environmental policies; Carbon tax; Emission allowances; Climate neutrality; Efficiency
JEL classification: F64, H23, O44, Q53, Q56

Received: November 26, 2023; Revised: January 26, 2024; Accepted: February 6, 2024; Published: February 24, 2024  Show citation

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Gotvald, J. (2024). The role of environmental taxes and other political instruments on the road to climate neutrality. Czech Financial and Accounting Journal, 2024(1), 47-76. doi: 10.18267/j.cfuc.588
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