Page 2 - Carbon Tax

Talks on CCUS policy in advanced stages: Dastur Energy CEO Atanu Mukherjee

IOCL working on capturing carbon dioxide, ONGC identifying storage locations

India plans to protest EU's proposed carbon tax at WTO meeting: Report

New Delhi has also opposed EU regulations banning the import of products based on deforestation in the country of origin, likely to hit billions of dollars worth of exports from India

India's climate goals: Navigating a complex dilemma

Its experience underscores that unanimous advocacy for carbon taxation can be misguided, as it ignores country-specific realities

Best of BS Opinion: CBAM as an opportunity, Social media conundrum & more

Here is the best of Business Standard's opinion pieces for today

CBAM as an opportunity

Indian exporters could proactively adjust to it

India Inc concerned about CBAM's impact on supply chain: PwC study

India has set an ambitious goal of generating around 50 per cent of its installed electric power capacity from non-fossil fuel-based energy resources by 2030

India seeks bargains against UK's carbon border tax as part of FTA

Both countries hope to finalise the deal by February, before the Lok Sabha election in India

UK plans to implement carbon tax on imported goods like steel from 2027

The British government announced plans Monday to charge a carbon levy on imported raw materials such as aluminum, iron, steel and cement from 2027, in an attempt to prevent firms being undercut by overseas producers. However, the plan has come under criticism from the body representing British steel as being too sluggish, as it will come into effect one year after similar proposals from the European Union (EU) are implemented. Announcing its plan, Britain's Treasury said the proposed new tax will level the playing field, helping greener domestic producers compete against higher carbon, but cheaper, foreign rivals. For years, fears have been expressed that efforts to cut greenhouse gases in the UK are not being matched overseas, meaning that emissions are just being displaced to other countries without ambitious net-zero targets, leading to little global benefit. This levy will make sure carbon-intensive products from overseas like steel and ceramics face a comparable carbon price

EU carbon tax to hurt global trade, not to stop carbon leakage: GTRI

The decision of the European Union (EU) to impose a carbon tax on certain sectors like metals from 2026 will only hurt global trade and not help in containing carbon emissions, think tank GTRI said on Sunday. The Global Trade Research Initiative (GTRI) said that European Commissioner Wopke Hoekstra remarks that the sole aim of CBAM (Carbon Border Adjustment Mechanism) is to prevent carbon leakage which has significant flaws. It added that fossil fuels contribute to 90 per cent of Greenhouse and 75 per cent of carbon emissions and if decarbonization is the goal, the EU should heavily tax fossil-fuel imports. Carbon leakage is the phenomenon of companies moving production to countries with weaker environmental regulations to avoid paying carbon prices in the EU. This objective could have been achieved by merely taxing imports from the EU firms, which have shifted production to other countries. However, the EU chose to tax all world imports through CBAM, GTRI Co-Founder Ajay Srivastava

Preventing carbon leakage CBAM's aim: Europe as India threatens retaliation

The European Commission on Friday said the sole aim of CBAM -- a tax the European Union plans to impose on energy-intensive goods from countries like India and China -- is to prevent carbon leakage, a situation where companies decide to shift out their production from a country with stringent policies. European Commissioner Wopke Hoekstra made this statement at a press conference at the UN climate talks here even as India's Commerce and Industry Minister Piyush Goyal threatened retaliatory action at an event in New Delhi. Hoekstra said, "CBAM's sole aim is to prevent carbon leakage." Peter Liese, a German politician and a member of the European Parliament, said the bloc aims to reduce emissions by 55 percent by 2030 and that achieving such a significant reduction without CBAM would not be feasible. Stressing that CBAM is crucial for funding the bloc's climate goals, he cautioned that any attempt to dismantle it would have far-reaching consequences beyond its scope. "Any agenda to .

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