- Jul 19, 2021 5:31 am GMT
US aligning with EU
BRUSSELS/LONDON, July 14 (Reuters) - The European Commission on Wednesday put forward plans for the world’s first carbon border tax, on imports of carbon-intensive steel, aluminium, cement, fertilisers and electricity, as part of a programme to meet its new climate target.
The border levy should be phased in from 2026, the Commission said, and is designed to protect European industries from competitors abroad whose manufacturers can produce at lower cost because they are not charged for their carbon output.
Under the proposal, a transitional phase from 2023-25 will require importers, including those importing electricity, to monitor and report their emissions.
Importers will be required to buy digital certificates representing the tonnage of carbon dioxide emissions embedded in the goods they import.
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