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Europe is proposing a border carbon tax. The what and how?
To deal with the climate change, European Union has proposed ‘carbon border adjustment mechanism’. If adopted it would be the first of its kind and could be considered as a carbon tariff on imports from countries that aren’t taking similarly aggressive steps to slash their own planet-warming greenhouse gas emissions.
The EU proposal still needs to be negotiated among the 27 member countries and the European Parliament before becoming law. For Indian Corporate Sector it is important as it may increase cost and will have negative impact on competitiveness of Indian companies.
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