Finance minister Nirmala Sitharaman recently flagged “climate tariff walls” as an impending cost, days after European Union (EU) nations reached an agreement on implementing the Carbon Border Adjustment Mechanism (CBAM). Sarthak Ray takes a look at the EU’s CBAM push and its implications for India.
Carbon border adjustment mechanism (CBAM)…
Last year, in July, the European Commission introduced the CBAM as one of the measures to aid the EU in bringing its emissions down by 55% from 1990 levels by 2030. The CBAM is a levy on the import of iron & steel, electricity, cement, aluminium, and fertiliser.
