JERUSALEM, Aug. 2 (Xinhua) -- Israel will implement for the first time a carbon pricing policy to deal with the climate crisis, according to a joint statement issued by four ministries concerned and the Israel Tax Authority on Monday.
The policy is aimed to oblige the polluters to pay for the damage caused by the greenhouse gas emissions, the statement said, adding it will initially apply to all polluting fuels, and later to greenhouse gas emissions from landfills and other emission sources.
The carbon taxation system follows the national target set by the Israeli government last month for reducing greenhouse gas emissions as part of its commitment to the global effort.
According to the target, greenhouse gas emissions in Israel will be reduced by at least 85 percent by 2050, compared to emissions in the country in 2015.
The carbon pricing alone will lead to a 67-percent reduction in greenhouse gas emissions by 2050, along with an economic savings of about 20 billion new shekels (6.2 billion U.S. dollars) because of the reduction of air pollution, said the Israeli environmental protection ministry.