Cows, pigs, sheep's to face carbon taxes in Denmark

Beginning in 2030, Denmark plans to impose the world's first carbon tax on livestock in a bid to reduce the greenhouse gases that the sheep, pigs, and cows release.

As per the proposed scheme, farmers would have to pay around $43 for each metric tonne of carbon dioxide equivalent that their cattle produced. By 2035, this rate would rise to almost $108, Washington Post reported.

The Danish government released a proposed bill this week, according to which the levies would be partially offset by a 60% tax deduction, rendering them closer to $17 per metric tonne in 2030 and $43 in 2035.

The government believes that the tax cut would reduce the country's emissions by about 1.8 million metric tonnes (about 2 million tonnes) of carbon dioxide equivalent in 2030.

Danish Tax Minister Jeppe Bruus said in a press conference: "We will be the first country in the world to introduce a real [carbon dioxide equivalent tax] on agriculture. Other countries will be inspired by it."

"The agreement shows how much we can achieve when we come together across party colours and interests to find joint solutions to one of the greatest challenges of our time."

The money earned by the proposed tax will be invested back into the industry to support its green transition.