A recent study by researchers at the University of Oxford in the U.K. found that countries could save hundreds of billions of dollars and prevent more than 220,000 deaths per year if they were to implement a health tax on red and processed meats, according to CNBC.
Here are four things to know:
1. For the study, researchers examined optimal taxation levels for red and processed meats in 149 countries and regions. They concluded that with the health tax, red meat prices would need to increase more than 20 percent, while processed meat prices would need to more than double in high-income countries.
2. By implementing such a tax, those countries would collect roughly $172 billion per year — an amount that would cover at least 70 percent of the healthcare costs associated with the consumption of red and processed meats. To fully cover the associated health costs, the health tax would need to be doubled, according to the report.
3. Researchers suggested the proposal could lead to a 16 percent decline in the global consumption of processed meat, which would also have a positive effect on climate change by reducing global greenhouse gas emissions by more than 100 million tons. Researchers estimated that 2.4 million global deaths will be attributable to the consumption of red and processed meats in 2020, adding up to $285 billion in associated healthcare costs.
4. Marco Springmann, a post-doctoral research candidate, a James Martin Fellow at the Oxford Martin Programme on the Future of Food and leader of the study, told CNBC overconsumption of red and processed meats has a negative effect on many countries worldwide.
"Nobody wants governments to tell people what they can and can't eat. However, our findings make it clear that the consumption of red and processed meat has a cost, not just to people's health and to the planet, but also to the healthcare systems and the economy," he said.
To access the full report, click here.