Brics rejects EU's unilateral carbon border tax proposal
NEW DELHI: The Brics nations have rejected the European Union's proposed carbon border tax, or the carbon border adjustment mechanism (CBAM), calling it "unilateral, punitive and discriminatory protectionist measures", and said the move, being made "under the pretext of environmental concerns", would undermine their capacities to invest in just energy transitions and development priorities.
India has long been opposed to such measures and even flagged its concerns during the recent free trade agreement talks with the EU.
The concerns of the group of 11 nations, including Brazil, Russia, India, China and South Africa, over such trade barriers got reflected prominently in the 'Leaders' Framework Declaration on Climate Finance' adopted in Rio de Janeiro, Brazil, on Monday. The CBAM, to be implemented from next year, is a tool to impose border tax on carbon-intensive goods, such as iron & steel, aluminium and cement, that enter the 27 EU nations.
Since it will impose a tariff burden on developing countries and impact their trade prospects, large exporters of such goods, including India and China, have consistently been opposing it.
Condemning CBAM, the Brics nations declared that such measures are "not in line with international law", and said they oppose "unilateral protectionist measures which deliberately disrupt the global supply and production chains and distort competition".
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Besides flagging the EU's trade barrier, the Brics nations expressed "serious concern" over pre-2020 mitigation gaps for developed countries and urged them to urgently bridge the gaps between what they promised and what they have achieved in terms of greenhouse gas emissions reduction. The group asked the rich nations to increase their 2030 climate action targets and achieve net-zero emissions significantly ahead of 2050, preferably by 2030.
Referring to the critical issue of finance that is going to dominate the climate talks (CO) in Belem, Brazil, later this year, the Brics nations called upon developed countries to meet their earlier goal of jointly mobilising $100 billion per year through 2025 to address the needs of developing countries, and achieve the finance goal of $300 billion per year by 2035.
"We note that substantial gaps remain in fulfilling the financing needs identified by developing countries," the declaration said. The developed countries were also urged to increase their collective provision of climate finance for adaptation, doubling the amount from 2019 levels by 2025 at the least.
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