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Exporters, govt must comply with EU's carbon tax
The Business Guardian
|August 23, 2023
With the European Union’s impending carbon tax poised to impact sectors such as metals and their exports, urgent measures are being recommended by both the government and exporters.
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A report from the Global Trade Research Initiative (GTRI) underscores the necessity for strategies like emissions data monitoring mechanisms and incentives for the adoption of eco-friendly technologies. The GTRI presents a comprehensive nine-step action plan to address the challenges posed by the carbon border adjustment mechanism (CBAM) transition, offering Indian companies less than 40 days to prepare.
The CBAM, also known as the carbon tax, is set to be implemented from January 1, 2026. However, from October 1 of this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertilizers, aluminum, and hydrocarbon products, are expected to share data regarding carbon emissions with the EU. GTRI co-founder Ajay Srivastava highlighted that the CBAM will impose taxes on select imports into the EU, ranging from 20% to 35%, starting from the mentioned date.
This story is from the August 23, 2023 edition of The Business Guardian.
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