KPMG launches Green Tax Index
Audit and tax advisory company KPMG has reported on the findings of its first Green Tax Index. This was created by KPMG to increase awareness of the complex, fragmented and rapidly evolving green tax landscape worldwide. It aims to encourage companies to explore the opportunities of green tax incentives, and to reduce exposure to green tax penalties. The tool analyses green tax incentives and penalties in 21 major economies, focusing on key policy areas such as energy efficiency, water efficiency, carbon emissions, green innovation and green buildings.
The first Index report finds that the US, Japan and UK (in that order) rank top in their use of green taxes as a tool to influence corporate behaviour. France, South Korea and China rank fourth, fifth and sixth respectively. The countries differ in the balance they adopt between incentives and penalties and in the target areas they choose to influence, e.g. Climate change, water use, energy efficiency, vehicles, buildings, green innovation and so forth.
The UK was today named by KPMG International as one of the six most active countries in using tax as a tool to drive sustainable corporate behaviour and achieve green policy goals. Other countries on the list include the US, Japan, France, South Korea and China.
While some of the food system challenges facing humanity are local, in an interconnected world, adopting a global perspective is essential. Many environmental issues, such as climate change, need supranational commitments and action to be addressed effectively. Due to ever increasing global trade flows, prices of commodities are connected through space; a drought in Romania may thus increase the price of wheat in Zimbabwe.
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