World needs an 'ecological union' to fight climate change
China DailyJIN DING/CHINA DAILY China is leading the world in green transformation of industry, driven by its dominant position in solar photovoltaic panels, high-quality yet low-cost electric vehicles and EV batteries. Besides, global climate negotiations are stuck because countries such as India legitimately condition their decarbonization efforts on transfers from high-income countries, but high-income countries like the United States have always refused substantial transfer. In the short term, economies participating in the proposed "ecological union "would establish a uniform carbon price floor at 100 yuan per ton of carbon dioxide, which roughly corresponds to the CO2 price in China's carbon market. Besides, countries in the "ecological union" would commit not to tax the carbon content of imports from one another, and return the tax collected to the exporting country if they do so. This would give more rights than the benchmark to China, and less to the EU.Such adjustments would preserve the overall ambition of the "ecological union", helping it to meet the objective of the Paris Agreement.
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