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Commodities Briefing - Categorized | Environmental Trading, Oil more

Ecuador finalising OPEC oil tax plans

Posted on 27 February 2013

Ecuador will introduce plans for a small carbon tax on oil at the May meeting of the Organisation of Petroleum Exporting Countries (OPEC). The initiative would see a 3-5% tax levied on every barrel of oil exported to rich countries. Funds would be transferred directly to the Green Climate Fund (GCF), and Ecuador believes it could raise up to US$80bn a year.
Speaking to RTCC on a visit to London, Ecuador Ministerial Advisor Daniel Ortega said hopes were high it would be accepted by the world’s larger oil producers in May………………………………………..Full Article: Source


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