[javindo]

Since surprisingly nobody has mentioned it in the comments here yet, we have a similar scheme in place in London, and have done for quite some time. It's only for the most central/congested zone and has had a hugely beneficial impact on congestion.

That being said, it almost never makes sense to drive a car inside central London anyway as the public transport is very reliable and has almost full coverage, and it's dealing with a very different problem in the first place (old horse and cart windy roads adjusting for the modern age).