HomeCarbon NewsEU’s Carbon Tariffs Might Not Work for the US

EU’s Carbon Tariffs Might Not Work for the US

The EU recently released plans to tax carbon imports coming into the union. As such, any goods coming in would be taxed as if it was produced in a member state. However, the US is not convinced when it comes to the method of carbon tariffs.

The EU aims to be carbon neutral by 2050. The international community sees this goal as quite adventurous. BRICS countries in specific had “grave concern” regarding the EU’s plans to reduce carbon emissions. Many less developed countries also would have trouble following the EU’s path.

Previously, the US stated how such a proposal would be difficult to implement in the US. As well, carbon border tariffs would be considered a last resort option for the US. If the US were to implement border tariffs, it could incentivize countries to stop trading with high carbon tax countries. This would not bode well for climate change due to trade being shifted towards countries with fewer tariffs. Therefore, high emissions goods and services will continue being traded for low prices.

The border pricing mechanisms are being heavily pursued by the EU, but it would take 2 years to implement the legislation. The fight against climate change however will require every method possible.

Most Popular

WEF and Indonesia Join Hand to Boost Blue Carbon Credits

The World Economic Forum (WEF) and Indonesia have signed a partnership to ramp up the nation’s blue carbon efforts as well as address the...

T-Mobile Commits to 2040 Net Zero Target

T-Mobile revealed its net zero emissions target across all Scopes - 1, 2, and 3 - with the Science Based Targets initiative’s (SBTi) approval. T-Mobile’s...

BP’s 2023 Outlook for Global Energy Transition: Key Takeaways

BP Energy Outlook 2023 unlocks the key trends and insights surrounding the global energy transition out to 2050.  The 2023 Energy Outlook’s three main scenarios...

Wildfires Cost Over $148B and 30% of Emissions

A new report by Dryad Networks unveiled the hidden costs and impacts of wildfires, its carbon emissions, and how early detection can prevent huge...

Abandoned Oil Wells and Carbon Credits

You’ve probably seen dozens of pictures before that look exactly like the one above. An active oil field littered with pumpjacks, all churning out oil...

Is Offsetting Carbon Worth It?

Is offsetting carbon worth it? This question has never been more controversial right now and it deserves a good answer, especially if you're into...

How Does Carbon Capture and Utilization Work?

Carbon capture and utilization technology is not only useful, but a necessary strategy to reduce atmospheric CO2 levels, and stall an increase in global...

Top 4 Carbon Stocks To Watch In 2023

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.