BRICS condemns EU carbon tax, urges greater climate finance for developing nations
Summary
- The BRICS foreign ministers issued a joint statement denouncing the European Union's carbon border adjustment mechanism (CBAM) as discriminatory.
- BRICS called for a substantial increase in international climate finance to assist developing countries in adaptation and mitigation efforts.
- The statement highlighted that the EU tax could hamper the export competitiveness of BRICS economies, especially in steel, cement and aluminium sectors.
- BRICS urged the UN climate negotiations to consider equity and common but differentiated responsibilities when shaping carbon pricing policies.
Key Facts
- · BRICS countries: Brazil, Russia, India, China, South Africa.
- · EU carbon border adjustment mechanism (CBAM) aims to levy carbon costs on imports.
- · BRICS view CBAM as a trade barrier and violation of WTO principles.
- · BRICS demand at least $100 billion annually in climate finance for developing nations.
Why it matters
The clash underscores the tension between climate mitigation measures and trade equity, affecting India's export sectors and shaping future multilateral climate negotiations.
#BRICS#EU#Carbon Tax#Climate Finance#International Trade#Climate Change