Page 3 - Carbon Tax

Carbon market push at COP28 summit tries to fix scandal-tainted credits

The concept of trading carbon credits across borders to accelerate the green transition is not new, nor are challenges to its transparency and impact

India will address EU's carbon tax issue; will retaliate if required: Goyal

India will address the issue of the European Union's plan to impose a carbon tax on certain imported goods, Commerce and Industry Minister Piyush Goyal on Friday said, adding that "I will retaliate" if required. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026. However, from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "Bharat will address the problem of CBAM with confidence, and we will find solutions. We will see how we can convert CBAM to our advantage if it comes in. Of course, I will retaliate. You need not worry about it," Goyal said here at an industry chamber event. According to a report of the think tank Global Trade Research Initiative (GTRI), CBAM will translate into a 20-35 per cent tax on select imports into the EU, starti

Global regulators seek tougher scrutiny of voluntary carbon markets: Report

IOSCO last year raised the prospect of closer scrutiny of carbon markets when it said it was concerned the quality and double counting of credits left the sector open to fraud

COP28: Unilateral carbon taxes coercive trade measure, say BASIC nations

Grouping of Brazil, South Africa, India and China says new 'green trade barriers' against WTO rules

Dark underbelly of carbon trade

World leaders need to learn from the mistakes of the voluntary carbon market so that this new market mechanism does not repeat them

Will not accept unfair taxes on steel, aluminum industry: Piyush Goyal

Expressing serious concerns over the European Union's move to impose carbon tax on imports from certain sectors like steel, Commerce and Industry Minister Piyush Goyal on Tuesday assured the domestic industry that India will not accept such unfair taxes and will fight to get a fair deal for producers and exporters. He said India has already flagged its concerns over the carbon tax with the European Union (EU) and in the WTO (World Trade Organization). The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a kind of import duty) will come into effect from January 1, 2026, but from October 1 this year, domestic companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, will have to share data with regard to carbon emissions with the EU. "I will assure you that we are extremely concerned about CBAM...We are taking it up with the WTO very very seriously. We shall try to work and fight to get a fair deal for the Indian ..

Carbon removal isn't just for corporations, individuals pay for it too

There are a number of ways to permanently remove carbon from the atmosphere, ranging from directly capturing CO2 from the air to spreading crushed volcanic rocks

Carbon pricing challenges

India's piecemeal approach to carbon pricing, driven by emerging trade barriers, is not a long-term strategy

EU's CBAM: Taxing trade for transition amid global climate concerns

Carbon Border Adjustment Mechanism strains global trade, questions Paris Agreement's ethos, writes Advocate Jatinder Cheema

Trading for a greener tomorrow

The way forward to meet the nationally determined contributions is a well-regulated domestic emission trading mechanism

Indian companies prep for EU's CBAM as transitional phase kicks in

Starting from October 1, the carbon border adjustment mechanism (CBAM) will be applicable to exports of cement, iron and steel, aluminium, fertilisers, and hydrogen to the EU

Emission reporting phase of EU's carbon tax regime starts from October 1

Indian firms must share emission data in the format prescribed by the EU with the declarant much before this date

Bhilai Steel Plant, Ramcharan tie up for carbon capture joint venture

This will lead to an investment of Rs 6,000 crore in the form of equipment from Ramcharan

India mulling its own carbon tax on exports along the lines of CBAM

A tax on imports and goods coming into India from the EU is also being planned

India should use retaliation mechanism to deal with EU's carbon tax: GTRI

India should positively consider imposing retaliatory customs duties in a calibrated manner on certain EU goods to deal with the European Union's decision to impose a carbon tax on imports of certain sectors, a report by think tank GTRI said on Wednesday. The European Union (EU) has decided to impose a carbon border adjustment mechanism (CBAM) from January 2026. But, its compliance starts from October this year, as businesses exporting carbon-intensive goods like steel, aluminium, cement and fertiliser will have to share detailed production data from next month with the EU authorities. The retaliation measures, it said, offer several advantages, including rapid implementation. India can easily adjust product lists and tariff levels to mirror the actions of the EU or any other partner country precisely. "Use a calibrated retaliation mechanism (CRM) to retaliate in equal measure. We have done it before," GTRI co-founder Ajay Srivastava said. In March 2018, when the US imposed import

EU's carbon tax seeks to doubly punish India: FM Nirmala Sitharaman

The finance minister said the EU has to consider India's concerns, and other countries will not view them kindly

Use of green energy to help industry deal with EU's carbon tax: Goyal

The government's initiative to increase the use of green energy and some policy interventions would help the Indian industry tide over the impact of the EU's decision to impose a carbon tax on sectors like steel and aluminium, Commerce Minister Piyush Goyal said on Wednesday. He said that India is in dialogue with the European Union and with other countries to see how these new initiatives like CABM (carbon border adjustment mechanism) will impact Indian industry and manufacturers. The minister, however, assured the industry that the government will protect its interest. "Any amount of laws any country may bring out, we will ensure that it doesn't hurt any of your businesses. That you can rest assured...I personally look at all these not as an impediment but I am continuously examining to see how we can convert this so-called problem CBAM into an advantage for the Indian industry," he said here at an event of auto component makers. The EU is introducing the CBAM from October 1 this

Industry seeks govt intervention on data requirements for EU's carbon tax

Indian industry from sectors like steel has flagged its serious concerns over the 'burdensome' work of data reporting requirement to comply with the European Union's carbon tax decision and has urged the government to take up the matter with the EU, an official said. The issue was flagged in a meeting called by the commerce ministry on September 6. The government and industry held discussions on implementation issues regarding the European Union's move to impose carbon tax or carbon border adjustment mechanism (CBAM). Industry is of the view that the data sharing exercise is burdensome as the EU is seeking a lot of information. "Second, the industry also stated that the EU is also seeking commercially sensitive information. They want reduction in this reporting requirement. We discussed all those issues as to how that reporting will be done, we are trying to understand their problems," the official added. According to think tank GTRI co-founder Ajay Srivastava, CBAM imposes massive

Govt meets steel industry to discuss readiness to comply EU's carbon tax

Top officers of government and industry representatives from the steel sector on Wednesday held discussions on implementation issues regarding the European Union's move to impose carbon tax, sources said. The meeting was called by the commerce ministry and was chaired by Commerce Secretary Sunil Barthwal. Senior officials from ministries of Finance, Department for Promotion of Industry and Internal Trade, Power, Steel and Mines participated in the meeting besides the steel and engineering sector. They also said that India and the EU would soon decide on a schedule to discuss the matter during the Trade and Technology Council (TTC) meeting. The meeting was a follow-up of a similar meeting held in May where the industry was asked to be ready for the carbon border adjustment mechanism (CBAM). The Wednesday's meeting comes amid the CBAM being implemented by the European Union (EU), which would have an adverse impact on India's exports of metals such as iron, steel and aluminium product

Time to have global conversation about carbon tax on polluters: Kenya prez

Climate change is relentlessly eating away at Africa's economic progress and it's time to have a global conversation about a carbon tax on polluters, Kenya's president declared Tuesday as the first Africa Climate Summit got underway. Those who produce the garbage refuse to pay their bills, President William Ruto, a host of the summit, said to an audience that included senior officials from China, the United States and the European Union - some of the world's largest emitters of greenhouse gases. The rapidly growing African continent of more than 1.3 billion people is losing 5% to 15% of its gross domestic product growth every year to the widespread impacts of climate change, according to Ruto. It's a source of deep frustration in the resource-rich region that contributes by far the least to global warming. He and other leaders urged reforms to the global financial structures that have left African nations paying about five times more to borrow money than others, worsening the debt .