Under this proposal, the 27 nations of the EU will impose border taxes on imports of high-carbon goods. The fiscal plan, still to be legally formalized, will come into effect from 2026.
India’s new environment minister Bhupender Yadav participate virtually in the meeting that will focus on how to achieve a positive outcome in the crucial 26th session of the United Nations climate change conference (COP26) in Glasgow, UK in November.
The environment ministers of the G20 nations will also make interventions during the sessions on natural capital to protect the planet and on joint efforts for the sustainable use of resources. In addition to raising the usual points of concern, such as wealthy nations’ finances and stocks before 2020, India and other countries are expected to raise the issue of the carbon border tax, as any such unilateral move may affect your trade in due time.
“India has always had the view that any unilateral adjustment of carbon boundaries will be discriminatory and against the principles of equity. CBDR-RC (common but differentiated responsibilities and respective capacities) ”, said an official from the Ministry of the Environment. He said India would seek clarification on such a proposal, stressing that such a trade barrier will not help bridge the confidence gap between developed and developing countries before COP26. The proposal will soon be legally adopted by 27 nations. The first day of Thursday’s meeting will be on the environment, while the final day on Friday will deal with energy and climate change issues.