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Green Crosshairs: Carbon Border Adjustment Mechanism

  • Published
    10th May, 2023
Context
  • The European Union (EU) 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.

Key highlights:

  • A multi-pronged counter is warranted to tackle the European Union’s carbon tax plans.
  • This Carbon Border Adjustment Mechanism (CBAM) will begin with an import monitoring mechanism and culminate in the levy of duties as determined from January 2026.
  • The CBAM will ensure its climate objectives are not undermined by carbon-intensive imports and spur cleaner production in the rest of the world.
  • This poses a significant threat to some of India’s biggest exports to the trading bloc, including iron ore and steel, with carbon levies estimated to range from 19.8% to 52.7%.

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