By
ATER, Solomon Vendaga
Abstract
Environmental challenges have become one of the increasingly complicated global realities affecting us today that require deliberately innovative and radical approaches for their solution. Globally, there is a commitment to reducing the emissions of gasses to net zero by 2050. However laudable this pledge is, it may amount to nothing unless conscious efforts are channeled toward solving the issue. In these wise, environmental taxes becomes very handy in achieving the global goal of cutting down gas emissions to net zero. Such taxes discourage corporate and natural persons from causing pollution by imposing charges or economic costs on such actions. Employing a doctrinal research methodology, this research found that environmental taxes are practical tools to encourage energy conservation and the adoption of renewable energy sources while simultaneously creating revenue for governments, allowing for the reduction of other taxes or the implementation of environmental initiatives. The study also observed that there is a plethora of environmental protection laws that are not fully implemented in Nigeria. The study, therefore, strongly recommended that understanding the effectiveness of environmental taxes and levies in instilling healthy environmental behaviour is essential for ensuring that environmental pricing policies are designed with environmental aims and at the same time, it recommends that comprehensive approach to environmental taxation should be embarked on by all tiers of government whilst harmonizing the provisions in the available laws to avoid issues of double taxation. Consequently, the research offers a practical and promising perspective on the function of environmental taxes since it is a productive economic instrument to generate incentives to stimulate more environmentally friendly consumption and production choices and trends, which align with global practices for a green economy.