Brazil, Russia, India, China and South Africa may strongly oppose the proposed Carbon Border Adjustment Mechanism (CBAM) by the European Union at the 13th BRICS Summit on Thursday as the five developing countries will likely be the biggest losers from its implementation. In a veiled reference to CBAM, BRICS trade ministers last week cautioned that any measure to tackle climate change must be in conformity with multilateral trading rules and shouldn’t put arbitrary restrictions on international trade.
The measure, if approved, will force EU businesses to pay a carbon levy for goods they import from outside the bloc. The problem is that some nations might not want to go down the carbon neutrality route as fast as the EU.
The post-Soviet state has increased its climate ambition but campaigners say it could do more to insulate draughty housing and promote clean energy.
The negotiating team for the European Union at the ongoing World Trade Organization talks on harmful fishery subsidies is insisting that any deal allow for continued tax exemptions for fuel purchases.
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protect the EU’s domestic industry from carbon leakage, when goods that would normally be bought locally are instead imported from companies that don’t face the same emissions regulations. The United States and Japan have voiced concerns about the planned tax.
Senators introduced a plan on 19 July to tax iron, steel and other imports from countries without ambitious climate laws.
Every year, governments pay billions of dollars to their fishing industries to carry on fishing even though stocks are seriously depleted. The Geneva-based World Trade Organisation (WTO) is holding a ministerial conference on July 15 to seek an agreement on banning harmful fisheries subsidies, a main factor in overfishing.
Daniel Voces, the managing director of the European Union’s primary fishing industry advocacy group, Europêche, believes members of the World Trade Organization will reach a deal on curbing illegal fishing subsidies this week.
Unpopular among the bloc’s trading partners, countries are seeking exemptions to the carbon levy, as Brussels hints alternatives to pricing may be considered to dodge