Brics opposes unilateral trade steps like EU carbon border tax
BRICS nations have formally opposed the European Union's Carbon Border Adjustment Mechanism (CBAM), labeling it a protectionist and discriminatory trade measure. The group argues that such unilateral taxes unfairly burden developing economies and undermine the principle of common but differentiated responsibilities in climate action.
Why it matters
This conflict highlights a growing geopolitical divide between developed and emerging economies regarding the intersection of climate policy and international trade regulations.
NEW DELHI: Brics nations Saturday opposed unilateral trade measures such as EU’s carbon border adjustment mechanism (CBAM), saying such measures undermine efforts by developing countries aimed at addressing the adverse impacts of climate change.Though they recognised the need to reduce greenhouse gas emissions to meet climate goals, the grouping’s members sought to delink any unilateral punitive action from achieving a common goal and pitched for energy security for all based on a pragmatic approach where “fossil fuel”, they said, will still play an important role in the world’s energy mix”, particularly for emerging markets and developing economies, in addition to renewable sources and nuclear.CBAM, which entered its operational regime on Jan 1, is a tool to put a price, through imposing a border tax, on carbon-intensive goods, like iron and steel, aluminium and cement, that are entering the 27 EU nations.Though BRICS nations opposed the proposal from the time it…
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