At COP28, Indian industry leaders welcome EU’s carbon tax on imports
1 year, 1 month ago

At COP28, Indian industry leaders welcome EU’s carbon tax on imports

The Hindu  

“We welcome CBAM.” Indian industry representatives have echoed this at the United Nation’s 28th Conference of Parties referring to Europe’s new carbon tax launched last October. Simply put, it’s a carbon tax on the imports of carbon-intensive sectors, initially like iron and steel, cement, fertiliser and aluminium depending on the carbon emissions emitted during the manufacturing process. So those are the kind of things we are actually discussing and the government is also discussing.” Industry seeks policy support However, Tata Steel, which has a market cap of almost $20 billion, is advocating a different kind of policy support, like subsidies, along the lines of the United States’ Inflation Reduction Act which is essentially incentivising ‘green’ economic measures. Otherwise India will get dumped with high carbon steel, if it is just left to the lowest price.” Taking a broader view of carbon tax, Ms. Arora says India needs to be “a little creative” about CBAM and hear-out the concerns of industries.

Europe Market Tax Steel Emissions Carbon European Cbam Mangal Indian Industry Carbon Tax Cop28 Policy Support Industry Representatives  cbam  cop28  leaders  imports  carbon  market  representatives  eus  india  products  emissions  indian  industry  steel  tax  welcome

History of this topic

‘EU plans to extend support to Indian MSMEs to cope with CBAM and sustainability reporting’
5 days, 17 hours ago

‘EU plans to extend support to Indian MSMEs to cope with CBAM and sustainability reporting’

Live Mint  

New Delhi: the European Union has decided to help small Indian businesses cope with its looming tax on carbon-intensive exports by funding decarbonization technologies, two industry figures said. As part of the plan, the EU is working on projects to support Indian MSMEs on the reporting requirements for CBAM, the Central Securities Depositories Regulation or Corporate Sustainability Due Diligence Directive, …

A divided EU gives India a window to pitch for carbon tax relief
1 week ago

A divided EU gives India a window to pitch for carbon tax relief

Live Mint  

Differences within the European Union over the looming carbon border tax has given India an opportunity to pitch for some relief from its onerous requirements that are expected to hurt exports to one of the country’s largest trading partners. Besides, in the upcoming free-trade agreement talks with the bloc, India will seek easier norms to protect the economic interests of …

India achieves limited success in capturing ’China Plus One strategy’ so far: Niti Aayog report
1 month, 1 week ago

India achieves limited success in capturing ’China Plus One strategy’ so far: Niti Aayog report

Live Mint  

New Delhi, Dec 4 India has seen limited success so far in capturing the 'China Plus One strategy', while Vietnam, Thailand, Cambodia, and Malaysia have become bigger beneficiaries, according to a report of government think tank Niti Aayog. "However, India has seen limited success so far in capturing the China Plus One strategy so far," said the report - 'Trade …

India, EU gear up for 10th round of FTA negotiations
1 month, 2 weeks ago

India, EU gear up for 10th round of FTA negotiations

Hindustan Times  

Fresh momentum in India-European Union free trade negotiations has emerged against the backdrop of global uncertainties and shifting geopolitical equations after the US presidential elections, as top negotiators from both sides met in Brussels recently to prepare for the 10th round of talks. India, EU gear up for 10th round of FTA negotiations The 27-member European bloc sees India, with …

EU suggests India implement own carbon tax mechanism, says minister Goyal
5 months, 1 week ago

EU suggests India implement own carbon tax mechanism, says minister Goyal

Live Mint  

New Delhi: Amid ongoing free trade agreement negotiations, the European Union has suggested that India create its own carbon tax mechanism instead of paying into the EU's Carbon Border Adjustment Mechanism, commerce and industries minister Piyush Goyal said on Tuesday. "They are very keen to pursue that and they have offered that India could, instead of paying CBAM tax to …

Proposed EU carbon tax protectionist, says Economic Survey
5 months, 2 weeks ago

Proposed EU carbon tax protectionist, says Economic Survey

The Hindu  

Echoing the Centre’s concerns on “protectionism”, the Economic Survey has noted that the forthcoming Carbon Border Adjustment Tax mooted by the European Union “went against the spirit of the Paris Agreement.” The Carbon Border Adjustment Mechanism, as it is called, are tariffs that will apply on energy-intensive goods imported into the European Union. This is to ensure that local manufacturers …

EU carbon border tax will do little to cut emissions: ADB study
10 months, 2 weeks ago

EU carbon border tax will do little to cut emissions: ADB study

The Hindu  

A European Union plan to impose tariffs on high-carbon imports could hurt developing countries in Asia but is unlikely to lead to big reductions in greenhouse gas emissions, the Asian Development Bank said in a report published on Monday. The Carbon Border Adjustment Mechanism was introduced to address concerns that the outsourcing of manufacturing had put large parts of the …

Indian steel exports at high risk from Europe's new carbon tax: Goldman Sachs
10 months, 4 weeks ago

Indian steel exports at high risk from Europe's new carbon tax: Goldman Sachs

Hindustan Times  

Steel producers in India are most at risk from Europe’s new carbon tax on imports due to their high sales to the region and mills’ elevated emissions intensity, according to Goldman Sachs Group Inc. Steel is traditionally among the most polluting industries. Europe’s Carbon Border Adjustment Mechanism aims to subject imported goods such as steel to a levy to ensure …

Parliament panel suggests govt to seek 3 years deferment on EU's carbon tax for MSMEs
11 months ago

Parliament panel suggests govt to seek 3 years deferment on EU's carbon tax for MSMEs

The Hindu  

India should seek deferment on imposition of carbon tax by the European Union on engineering sector's MSMEs by three years as domestic manufacturers may not have the financial resources to counter the duty, according to a parliamentary panel's report. The department related parliamentary standing committee on commerce's report — Comprehensive Strategy to Map Major Products and Countries to Maximize Exports …

India plans to protest EU's carbon tax at WTO meeting: sources
11 months ago

India plans to protest EU's carbon tax at WTO meeting: sources

The Hindu  

India plans to protest the European Union's proposed carbon tax on imports of steel, iron ore and cement at the next meeting of World Trade Organization later this month, saying it would emerge as a new trade barrier, two Government sources said. India had earlier decided to file a complaint in the WTO over the EU's proposal to impose 20-35% …

Ecostani | Why EU’s carbon tax puts a spanner in climate change mitigation
11 months, 3 weeks ago

Ecostani | Why EU’s carbon tax puts a spanner in climate change mitigation

Hindustan Times  

India is likely to take the European Union to the World Trade Organisation over its proposed “restrictive” carbon tax on imports for six emission-intensive sectors on grounds that it is an “ill-conceived” idea, and has threatened to impose its own carbon tax on imports from the EU. In October 2023, the EU proposed a Carbon Border Adjustment Mechanism, under which …

Navigating the Carbon Border Adjustment Mechanism framework
1 year ago

Navigating the Carbon Border Adjustment Mechanism framework

The Hindu  

A concerning development for India is the European Union ’s Carbon Border Adjustment Mechanism. The Commerce and Industry Minister said recently that the proposed carbon tax on imports is an “ill-conceived” move that would become the “death knell” for India’s manufacturing sector. The CBAM is intended to work like the EU’s Emission Trading System, which sets a cap on the …

The European Union’s carbon tax is a bad idea
1 year, 1 month ago

The European Union’s carbon tax is a bad idea

New Indian Express  

Union finance minister Nirmala Sitharaman recently minced no words in admonishing the European Union for its decision to unilaterally impose a ‘carbon tax’ on all carbon-intensive goods entering the region. Union Commerce Minister Piyush Goyal said India would retaliate against unfair carbon taxes. As the date for the imposition of a carbon tax is coming closer—the tax comes into effect …

India will address EU's carbon tax issue; will retaliate if required: Goyal
1 year, 1 month ago

India will address EU's carbon tax issue; will retaliate if required: Goyal

The Hindu  

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. Citing an example of Mumbai's Brihanmumbai Electric Supply and Transport, Mr. Goyal said it was a perpetually loss-making body, but they are now moving to …

CBAM will kill EU manufacturing, India will have its own carbon taxes: Goyal
1 year, 2 months ago

CBAM will kill EU manufacturing, India will have its own carbon taxes: Goyal

The Hindu  

NEW DELHI The European Union’s proposed Carbon Tax on imports is an ‘ill-conceived’ move that would become the “death knell” for its manufacturing sector, Commerce and Industry Minister Piyush Goyal asserted on Thursday, adding that even if the plan that is set to kick in from 2026 isn’t eventually abandoned, India would neutralise it by levying its own carbon tax. …

India Should Adopt Calibrated Retaliation Mechanism In Reply To EU’s Carbon Tax, Says GTRI
1 year, 3 months ago

India Should Adopt Calibrated Retaliation Mechanism In Reply To EU’s Carbon Tax, Says GTRI

ABP News  

India should contemplate levying custom duties on certain EU goods in retaliation for the carbon tax being imposed by the European Union on imports of certain sectors, a report by GTRI said on Wednesday. The report by the Global Trade Research Initiative suggested that India should adopt these duties in response to the EU’s carbon taxation on specific imports. It …

India to contest EU carbon levy, says steel secretary
1 year, 7 months ago

India to contest EU carbon levy, says steel secretary

Live Mint  

India plans to challenge certain provisions of the European Union’s Carbon Border Adjustment Mechanism as the government is concerned about its impact on steel exports from India, steel secretary Nagendra Nath Sinha said. With the rapid growth of steel imports from Japan, Korea, China and Russia, will the government look at restoring import duty on steel products to levels that …

European Union official seeks to allay India’s concerns on ‘carbon tax’
1 year, 7 months ago

European Union official seeks to allay India’s concerns on ‘carbon tax’

The Hindu  

The Carbon Border Adjustment Mechanism is not intended to be “protectionist” and only meant to avoid the problem of ‘carbon leakage,’ said Frans Timmermans, European Union’s chief climate negotiator, in an interaction with reporters on Friday. The only thing we will do to protect our industry is to avoid unfair competition on carbon footprint.” ‘Carbon leakage,’ refers to cheaper, more …

EU's proposed carbon tax won't affect trade relationship with India: Bloc's climate policy chief
1 year, 7 months ago

EU's proposed carbon tax won't affect trade relationship with India: Bloc's climate policy chief

ABP News  

Frans Timmermans, the climate policy chief of the European Union, reassured on Friday that the EU's planned carbon tax would not harm its trade ties with India, reported PTI. "If India fulfills all its ambitions in terms of greening the economy and reducing the carbon footprint and creating comparable footprints to the EU, there is no worry that CBAM will …

India, E.U. Discuss E.U. Carbon Border Tax in Brussels
1 year, 7 months ago

India, E.U. Discuss E.U. Carbon Border Tax in Brussels

The Hindu  

India and the E.U. are working to resolve a looming issue in their trade relationship — the E.U.’s Carbon Border Adjustment Mechanism, with the two sides discussing it during a Minister-level meeting in Brussels on May 15 and May 16. is India’s second-largest trading partner and India’s second-largest export market. has proposed carbon taxes, of which the two sectors where …

We Are Engaged With EU On Carbon Tax Issue, India's Tariffs Often Misconstrued To Be High: Piyush Goyal
1 year, 7 months ago

We Are Engaged With EU On Carbon Tax Issue, India's Tariffs Often Misconstrued To Be High: Piyush Goyal

ABP News  

Commerce and industry minister Piyush Goyal has said that India is engaged with the European Union on the EU's decision to impose carbon tax on certain imported goods and expressed hope that the intention is not to create trade barriers. Addressing the media on Tuesday after the first India-EU Trade and Technology Council meeting in Brussels, he also said India …

Green crosshairs: The Hindu Editorial on the impact of the European Union’s Carbon Border Adjustment Mechanism
1 year, 8 months ago

Green crosshairs: The Hindu Editorial on the impact of the European Union’s Carbon Border Adjustment Mechanism

The Hindu  

Starting this October, the European Union proposes to introduce a framework for levying a carbon tax on imports of products that rely on non-green or sub-optimally sustainable processes and where carbon emissions are deemed to have not been adequately priced. This Carbon Border Adjustment Mechanism will begin with an import monitoring mechanism and culminate in the levy of duties as …

EU's carbon tax to help exporters achieve ne zero much ahead of 2070
1 year, 8 months ago

EU's carbon tax to help exporters achieve ne zero much ahead of 2070

Deccan Chronicle  

Chennai: Despite the initial concerns about the impact on the MSME sector, the European Union’s carbon border tax will help export-centric sectors achieve net zero much ahead of the government deadline. The European Union intends to bring down carbon emissions in a phased manner in order to become a net-zero emitter of greenhouse gases by 2050, ahead of 2070 when …

Centre looks into options to counter EU’s carbon tax plan
1 year, 8 months ago

Centre looks into options to counter EU’s carbon tax plan

The Hindu  

The Commerce Ministry is exploring various options to cope with the European Union’s decision to introduce a Carbon Tax, including retaliatory tariff measures, a challenge at the World Trade Organisation and measures to help smaller Indian exporters, a top trade official said. The EU plans to introduce a Carbon Border Adjustment Mechanism that will entail a monitoring mechanism for imports …

Explained | Why is the EU’s carbon border tax worrying other countries including India?
1 year, 8 months ago

Explained | Why is the EU’s carbon border tax worrying other countries including India?

The Hindu  

The story so far: The 27-member European Union has been ramping up its climate action efforts with the European Parliament, the bloc’s legislative body, adopting a rapid pace in climate negotiations. Along with this phasing out of free carbon allowances, the EU will phase in another ambitious and first-of-its-kind policy— the Carbon Border Adjustment Mechanism, aimed at levelling the playing …

Watch | Business Matters | How can EU’s carbon tax hurt India?
1 year, 9 months ago

Watch | Business Matters | How can EU’s carbon tax hurt India?

The Hindu  

The European Union had in July last formalised a method to stop ‘carbon leakage’ or moving production of high-polluting products to nations outside of the EU in its bid to go green. An article at the World Economic Forum website says: “CBAM will initially cover several specific products in some of the most carbon-intensive sectors at risk of “carbon leakage”: …

Editor’s Pick | At COP-27, India and three others oppose ‘carbon border tax’
2 years, 1 month ago

Editor’s Pick | At COP-27, India and three others oppose ‘carbon border tax’

The Hindu  

India, along with Brazil, South Africa, and China, issued a joint statement on Wednesday saying that carbon border tax must be avoided as it can result in market distortion and aggravate the trust deficit among parties. The statement pointed that developed countries had “backtracked on finance and mitigation commitments and pledges” and there was a “significant increase” in the consumption …

COP27 | India, China, Brazil, South Africa oppose ‘carbon border tax’
2 years, 1 month ago

COP27 | India, China, Brazil, South Africa oppose ‘carbon border tax’

The Hindu  

With the 27th edition of the Conference of Parties in Sharm El Sheikh nearing its final stages and efforts being ramped up to arrive at a conclusive agreement, a consortium of countries that includes India has jointly stated that carbon border taxes, that could result in market distortion and aggravate the trust deficit amongst parties, must be avoided. BASIC, a …

India-EU: Global dynamics
2 years, 6 months ago

India-EU: Global dynamics

The Hindu  

With carbon neutrality being the byword to a sustainable world, a host of countries — Norway, Sweden, the United Kingdom, France, Spain, Japan, Germany, Canada, Costa Rica, the United States, Brazil, India, and China among others — have set for themselves net-zero targets for the middle and later part of the century. CBAM: carbon-pricing system To attain carbon neutrality, the …

EU proposes world’s 1st carbon border tax for some imports
3 years, 5 months ago

EU proposes world’s 1st carbon border tax for some imports

Live Mint  

The European Commission on Wednesday put forward plans for the world’s first "carbon border tax" on imports of carbon-intensive goods, including steel, cement, fertilisers and aluminium, as part of a programme to meet its new climate target. Under the proposal, importers will be required to buy digital certificates representing the tonnage of carbon dioxide emissions embedded in their imported goods. …

India’s challenge of scaling Europe’s carbon wall
4 years, 4 months ago

India’s challenge of scaling Europe’s carbon wall

Live Mint  

In what is likely to be the first in a series of global moves to address the issue of ‘carbon leakage’—shifting carbon-intensive production to geographies with no commitments to reduce carbon—the EU plans to impose a border carbon adjustment tax on all goods entering the European Union from countries it deems as not having compatible carbon reduction policies. Some of …

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