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EU carbon tax hurts poorer states

Published by
The Bangkok Post

In July 2021, the European Commission did something that no other major governing body had ever attempted: It tied trade policy to climate policy. Reaching the European Union’s goal of cutting net greenhouse-gas emissions by 55% by 2030 will require the EU to reduce emissions both at home and beyond its borders. To this end, the Commission’s Fit for 55 initiative, a package of proposals aimed at meeting the bloc’s emissions-reduction target, includes a carbon border adjustment mechanism (CBAM) — an import tax designed to corral other countries into tackling climate change. The CBAM would tax i…

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