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Carbon Border Tax
November 23 , 2022
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- The European Union has proposed a policy called the Carbon Border Adjustment Mechanism which BASIC countries have opposed.
- The Carbon Border Adjustment Mechanism (CBAM) is an initiative of European Union (EU) to prevent carbon leakage from extremely carbon intensive imports.
- Under this, duties will be imposed on imported goods based on the carbon expended in producing them.
- The duty imposed is an equivalent cost on imports to level the playing field between foreign and domestic producers.
- BASIC is a grouping of four newly industrialized countries namely, Brazil, South Africa, India and China.
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