China To Begin Additional Taxes On Fossil Fuel Production, Rare Earths Mining

It's not exactly a carbon tax, but it's a step in the right direction: AP reports that China will begin a nationwide tax on oil, natural gas, rare earth elements, salt, and other metals--with the estimated $615-770 million a year raised used to "help local governments pay for costly obligation imposed by Beijing to provide additional education, health and other services."Now, the issue in all this will no doubt be how that money is actually distributed, but the concept of imposing taxes on environmentally damaging activities is a key one in moving towards an economy where we pay the true cost for goods, where environmental and social costs are included in prices.

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Tags: China | Economics | Oil

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