Download or read book International Environmental Taxation in the Absence of Sovereignty written by Mr.Bernard P. Herber and published by International Monetary Fund. This book was released on 1992-12-01 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional public finance theory may be applied to the internalization of international environmental externalities. The policy constraint imposed by the absence of sovereign international government may be partially overcome through international environmental agreements. Instruments such as cost sharing, found in existing agreements, are generally unsophisticated. Two proposals entailing improved instruments are considered: (a) an international carbon tax, and (b) a global commons trust fund financed by earmarked excise taxes or charges. Political realities appear to preclude the early adoption of sophisticated international environmental taxes, but modest improvements in the design and implementation of existing instruments may be feasible.