For the EU, the tax range is 20-35%. Both the UK and the EU have implemented emissions trading systems (ETS) to cap and reduce greenhouse gas emissions. These systems work by setting a limit on the total amount of carbon dioxide emissions allowed and then issuing permits to emitters. Companies must purchase permits for each ton of carbon dioxide they emit, and the price of these permits is determined by supply and demand.
Sanjeev Agrawal, President of the Chamber of Commerce and Industry, credited the dynamic policy environment provided by the government and exporters concerted efforts to integrate with global value chains for this remarkable feat.