Friday 7 May 2021
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EU Climate Approach: tax on shipping and aviation pollution

The finance ministers of the EU countries have asked the European Commission to adjust the European laws on energy taxation to the present time. Fuel consumption and exhaust gases from shipping and cruise ships can also be taxed with this.

The almost twenty-year-old directive does not take into account the new EU climate targets, modern technologies and biofuels and other alternative fuels. Until now, air and shipping are still exempt from taxes.

According to Dutch minister Wopke Hoekstra, such exemptions should no longer be part of the future. Last month, at the initiative of the Netherlands, nine EU countries called on the committee to make a bill for a European air passenger tax.

The EU aims to be climate neutral by 2050. For this, the legal frameworks and the consequences for citizens and government revenue must be investigated and recorded. In June the European government leaders had given instructions to work on this quickly.

The finance ministers have also decided that the EU does not allow cryptocurrency as a method of payment until the risks, rules and supervision have been properly established and addressed. The EU ministers recognize that stablecoins offer possibilities for cheap and fast, especially cross-border, payments.

But according to the ministers there are risks with cryptocurrency for consumers and investors and for financial and monetary stability. They are also concerned about abuse of the virtual system, such as fraud, money laundering and financing of terrorism.

Without naming the libra currency of the American tech giant Facebook, the ministers' statement says that some recent global projects have provided insufficient information on how they intend to manage precisely those risks.

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