Share this on social media
EU sees carbon border levy as 'matter of survival' for industry
(Reuters, 18 Jan 2021) Europe's plan to make huge investments in cleaning up industry will have a "cost effect" that must be addressed if competitors don't follow, says climate policy chief.
The European Union's proposed carbon border charge is essential to the survival of its own industries and the bloc will impose the levy on non-EU competitors unless they commit to lowering their emissions, the bloc's climate policy chief said on Monday.
The EU's executive Commission is expected to propose its carbon border adjustment policy before the end of June.
"It's a matter of survival of our industry. So if others will not move in the same direction, we will have to protect the European Union against distortion of competition and against the risk of carbon leakage," European Commission Executive Vice-President Frans Timmermans told an online event hosted by consultancy Global Counsel.
"Carbon leakage" would occur if companies left Europe to avoid the cost of its emissions-cutting policies.
Globally, industry is under pressure to ramp up climate action ahead of a United Nations summit in November, which serves as a deadline for nearly 200 countries to pledge deeper emissions cuts.
External link
Reuters, 18 Jan 2021: EU sees carbon border levy as 'matter of survival' for industry
