Thursday, November 9, 2023

China And India Challenge EU Over New Carbon Tax

China And India Challenge EU Over New Carbon Tax

Tyler Durden's Photo
BY TYLER DURDEN
THURSDAY, NOV 09, 2023 - 04:20 AM

Authored by Metal Miner via OilPrice.com,

  • The EU's carbon tax is criticized by China and India, who believe it acts as a new trade barrier and doesn't account for varying developmental phases.

  • China's steel association and India's commerce minister have both spoken out against the tax, with India suggesting it may implement a domestic equivalent to fund green energy transitions.

  • Both countries are taking steps to mitigate the potential impacts of the EU tax, including improved emissions reporting in China and a possible challenge to the WTO by India.

Both India and China continue to denigrate the Carbon Border Adjustment Mechanism (CBAM), or “carbon tax” as it has come to be known, proposed by the European Union. Meanwhile, the EU claims the new scheme is integral to its plan to achieve zero emissions across six earmarked industries.


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