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

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 …

Europe

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

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 …

Electric cars could be crucial for the EU to meet its climate goals

On the last weekend of April the Berlin showroom of NIO, a Chinese maker of electric vehicles, was a happy place. Power to the people For electric vehicles to play their full part in the EU’s ambitious goal of carbon neutrality by 2050, the EU will need to increase the number of public charging-points from around 300,000 to at least …

The European Union’s key climate law, the Carbon Border Adjustment Mechanism, has spooked India. However, the EU’s concern is that while it has a mechanism for its domestic industries, emissions embedded in products imported from other countries may not be priced in a similar way due to a lack of stringent policies or due to less stringent policies in those …

Explained | What is the EU’s carbon border adjustment mechanism?

The story so far: On May 10, co-legislators at the European Commission signed the Carbon Border Adjustment Mechanism. It has been described as a “landmark tool” to put a “fair price on the carbon emitted during the production of carbon intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries.” The reporting system under …

European

EU reaches deal on major carbon market reform

EU member States and parliamentarians on Sunday announced an agreement for a major reform to the bloc's carbon market, the central plank of its ambitions to reduce emissions and invest in climate-friendly technologies. The EU Emissions Trading System allows electricity producers and industries with high energy demands such as steel and cement to purchase "free allowances" to cover their carbon …

European Parliament

Post the 2015 Paris Climate Agreement, there is a growing pressure on states to shift to a low-carbon economy. Climate change is being recognized as the greatest global threat, and with China, the world's largest carbon dioxide emitter, taking the world by surprise by pledging to stop releasing carbon emissions by 2060, onus lies on the USA and India, countries …