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Climate

Emerging economies to challenge EU climate levy at WTO

India, South Africa, Taiwan and several other emerging economies are looking at challenging the EU’s “Carbon Border Adjustment Mechanism” (CBAM) at the World Trade Organisation (WTO). Indian Commerce Minister Piyush Goyal had previously warned that India will take “retaliatory measures” against what he considers to be unfair customs tariffs. According to estimates, these would hit …

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EU agency warning EU may miss its own climate targets triggers debate about policy alternatives

In a new report, the EU’s European Environment Agency (EEA) warns the EU that it is failing its climate targets, noting that the current 10-year trend is “going in the wrong direction”. The EEA takes stock annually of progress towards the 8th Environment Action Programme (8th EAP) objectives on the basis of a set of …

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“Cost of EU CBAM climate tariff for Africa is four times higher than EU developmend aid”

Experts have warned that EU’s carbon border scheme is punitive, and dramatically reduces the space for developing countries to achieve growth and to create jobs. The so-called CBAM enters into force on a transitional basis in October and it introduces a carbon tax on exports to the EU.  A study carried out by the African …

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“Developing economies hit hardest by EU’s carbon border tax”

In a new analysis, leading rating agency S&P Global warns that the EU’s external climate tariff CBAM, which stands for “Carbon Border Adjustment Mechanism” will hit developing economies the hardest. It explains: “Phasing in from 2026, CBAM will levy a carbon tax on imports of selected energy intensive materials and products into the EU, removing …

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U.S climate debate raising tensions with trading partners

Time magazine reports how “the World Is Protesting America’s Climate Plan”, highlighting how not only the EU but also South Korea, Japan and India are angry at the U.S. climate measures. One South Korean official dubs the law a “betrayal.” as during the COP conference in Egypt, the EU dropped an extensive document complaining of “problematic” tax …

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