EU CARBON BORDER ADJUSTMENT MECHANISM
Non-tariff barriers impeding trade: India tells EU
India and the EU are working to address trade barriers under FTA negotiations. India's Commerce Minister highlighted non-tariff barriers impacting domestic industries, urging resolution as a confidence-building measure. Both sides aim for a balanced and mutually beneficial agreement, with further talks scheduled for March in Brussels.
Explained: What is star rating system for green steel?
India defines green steel as having emissions below 2.2 tonnes of CO2 per tonne of finished steel and proposes 37% government procurement of this variant. A star-rating system categorizes green steel based on emission intensity, aiming to promote lower-carbon production amidst global pressure for greener practices.
India, 3 others oppose China-led investment pact at WTO
India and three other nations oppose the China-led WTO investment agreement, preferring consensus on non-trade issues. Meanwhile, India evaluates its stance on the EU's Carbon Border Adjustment Mechanism (CBAM) amidst ongoing FTA negotiations, concerned about potential tariffs impacting domestic industries.
India, EU officials may meet in March to clear FTA logjam
India and the European Union are gearing up for the next round of free trade agreement talks in March 2025 in Brussels. They aim to resolve differences on rules of origin and government procurement. Market access for Indian goods, services, and investments will be key discussion points, along with EU sustainability measures.
Semantics, not solutions: Indian official slams COP29 as missed opportunity for climate finance mobilization
India's officials criticize COP29 for failing to secure meaningful climate finance and addressing adaptation needs in developing nations. They highlight the gap between promised and actual funding, inadequate climate finance definitions, and inequities in global climate policies. India's leadership in advocating for developing countries' concerns remained strong.
Expressed deep disappointment at EU's CBAM, EUDR regulations with French counterpart: Piyush Goyal
India's Commerce Minister Piyush Goyal expressed disappointment over the EU's green trade regulations, including CBAM and EUDR, calling them unfair and unilateral. He emphasized the principle of common but differentiated responsibilities and India's low per capita emissions during a meeting with his French counterpart, hoping for a resolution through continued engagement.
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India red-flags non-tariff barriers, wants EU focus on market access
India is seeking assurances from the European Union that future non-tariff barriers won't harm its interests during ongoing free trade agreement negotiations. India raised concerns about measures like the Carbon Border Adjustment Mechanism, emphasizing market access for goods, services, investment, and government procurement as key priorities.
India asks rich nations to remove tech transfer restrictions, unilateral trade measures
India calls for action from developed countries at UN climate talks. India wants increased climate finance and technology transfer. It criticizes trade measures like the EU's Carbon Border Adjustment Mechanism. India highlights the urgent need to address global emissions peaking by 2030. The nation emphasizes the importance of collaboration to achieve a sustainable future.
Fight over including carbon border tax in agenda delays climate talks on day one
Developing nations, including China and India, clashed with developed countries at the UN climate summit over the inclusion of "unilateral trade measures" like the EU's carbon border tax in the meeting's agenda.
Confident of achieving $31 billion chemical export target this fiscal: CHEMEXCIL
CHEMEXCIL Director General Raghuveer Kini expressed confidence in achieving the USD 31 billion chemical export target for 2024-25. Strong demand from markets like Brazil, the US, and Japan is driving growth, despite challenges posed by EU carbon taxes and infrastructure bottlenecks. Kini highlighted the need for improved infrastructure and expanded rupee-ruble trade mechanisms to further boost exports.
India heads to COP29 with red lines tied to Paris Pact
India is gearing up for COP29 with a firm stance on climate finance, urging developed nations to fulfill their commitments. The nation is set to advocate for new, grant-based funding mechanisms and resist pressure to restrict investments in coal-based projects. India's position on post-2026 climate targets will depend on the outcomes of COP29 and the stances taken by other countries.
Panel formed to review methods for calculating emissions as per EU norms
India has established a committee to tackle challenges from the EU's Carbon Border Adjustment Mechanism. The group includes members from key ministries and industries. They will review and recommend methodologies for emission reporting. The CBAM impacts various sectors and will start imposing a tax on imports from 2026, affecting India¡¯s exports significantly.
Extraneous elements slowing down India-EU trade pact talks, CBAM & EUDR unfair: Piyush Goyal
Indian Commerce and Industry Minister Piyush Goyal criticized the EU's deforestation and CBAM regulations as unfair to Indian industries. He emphasized the need for mutual cooperation and highlighted India's interest in a fast-tracked free trade agreement with the EU, focusing solely on trade issues. Goyal also expressed concerns over the EU's safeguard measures on steel products and called for bilateral discussions to resolve various trade and labor issues.
Carbon tax proposed by EU unilateral, arbitrary to hurt India's export: FM Sitharaman
Finance Minister Nirmala Sitharaman criticizes the EU's Carbon Border Adjustment Mechanism (CBAM), calling it unilateral and arbitrary. CBAM, set to start in 2026, may harm India's exports in key sectors like steel and cement. Despite this, talks on an FTA with the EU are expected to continue.
Shipping Industry to Drive Demand for Green Ammonia: Avaada Chairman
The shipping industry is set to drive demand for green ammonia and methanol, derived from green hydrogen. The EU's Carbon Border Adjustment Mechanism is expected to boost offtake agreements. India's National Green Hydrogen Mission aims for global leadership, with Avaada Group committing to significant renewable energy and manufacturing capacity development.
India, EU to begin next round of talks on free trade pact on Monday
Senior officials from India and the European Union will begin the ninth round of free trade agreement talks on Monday. The discussions aim to enhance bilateral trade and investments, addressing issues like carbon tax and deforestation regulations. Both sides will negotiate on goods, services, investment, and government procurement.
India scores on subsidies for green H2: ReNew CEO
The global adoption of green hydrogen is slower than expected due to its higher cost compared to grey hydrogen. ReNew's CEO, Sumant Sinha, highlights the need for subsidies and mandates to drive progress. India is advancing faster with subsidies and procurement tenders. Europe and Japan face challenges in subsidy implementation.
Why Europe¡¯s upcoming deforestation law will hack India¡¯s agri exporters
Farmers and exporters would find it near-impossible to comply with the EUDR norms ¡ª and not just because the rules necessitate major changes in supply chains and the use of technology.
Piyush Goyal suggests talks on border adjustment tax issue with top steel industry leaders
Commerce and Industry Minister Piyush Goyal has urged top steel industry leaders to discuss a border adjustment tax to promote sustainable manufacturing. He also emphasized the need for reducing carbon emissions and increasing steel production to 500 million tonnes in the next decade, while addressing a virtual steel conclave.
Border Adjustment Tax WTO compliant, will discuss with steel industry: Piyush Goyal
Commerce and Industry Minister Piyush Goyal has proposed discussions on a border adjustment tax with key steel industry leaders to protect against imports at predatory prices. He emphasized the need for sustainable manufacturing, lower carbon emissions, and higher productivity. Goyal also assured government support to safeguard the steel industry's interests.
Unilateral environmental measures like carbon tax hamper equitable world trade: Commerce Secy
India raised objections to the EU's carbon tax, claiming it undermines fair global trade principles. Commerce Secretary Sunil Barthwal stressed that the Global South faces challenges in balancing sustainable development and responding to measures like the EU's carbon border adjustment mechanism (CBAM), effective from 2026. Barthwal advocated for increased cooperation on food security, and better market access for MSMEs. Additionally, he emphasized reducing remittance costs to bolster developing nations' economic growth, highlighting the importance of special and differential treatment in maintaining policy space for these nations.
India to discuss EU carbon tax in next round of FTA talks
India will address the EU's import levy on high carbon goods in upcoming free trade agreement talks from September 23-27. The discussions will focus on the Carbon Border Adjustment Mechanism, with both sides aiming to resolve trade issues related to environmental policies, according to India's trade ministry.
Carbon Border Adjustment Mechanism aims for fair trade, global decarbonisation: EU official
Director-General of the European Commission, Gerassimos Thomas, led a group of officials to New Delhi to discuss tax and customs issues, with a focus on CBAM, on July 1 and 2.
Europe¡¯s tool to tax imported pollution faces teething pains
The EU¡¯s Carbon Border Adjustment Mechanism works like a tariff, ensuring that the carbon price of imports is equivalent to the carbon price of domestic products.
ET GBS 2024: Choking! Carbon clubs spell hazy future for developing countries, says former WTO DG Azevedo
Robert Johnson from the Institute for New Economic Thinking (INET) emphasizes the need for nations to think globally and protect all humans affected by carbon burning. He suggests that low-wage labor may not be the solution for development and discusses the anxiety in Europe regarding migration from Africa and the Middle East.
A volley of regulations: India¡¯s exports have to learn to navigate EU¡¯s green law maze
Most Indian companies are not yet capable of complying with the European Union¡¯s proposed green regulations. While the government can impose a retaliatory tax, experts say such rules are inevitable in today¡¯s world.
From the US to India, tax officials across geographies aremaking your energy more costly and dirty
While an elaborate network of government restrictions are being erected around clean technology, fossil fuels remain largely exempt.
UK¡¯s carbon tax may impact $775 mn worth of Indian goods
For the EU, the tax range is 20-35%. Both the UK and the EU have implemented emissions trading systems (ETS) to cap and reduce greenhouse gas emissions. These systems work by setting a limit on the total amount of carbon dioxide emissions allowed and then issuing permits to emitters. Companies must purchase permits for each ton of carbon dioxide they emit, and the price of these permits is determined by supply and demand.
From the Paris agreement to COP28, how oil and gas giants try to influence the global climate agenda
The COP president dismisses calls to phase out fossil fuels, claiming there is no scientific basis for such demands. However, it is concerning that the conference has become a platform for oil trading, with a record number of fossil fuel lobbyists attending. The oil majors have previously advocated for a carbon tax on companies' CO2 emissions, suggesting a two-step approach involving global implementation and international agreement. Implementing a carbon tax globally is challenging due to the need for international coordination, as carbon leakage could occur if not all countries participate.
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