The world's first carbon border tax proposed by the European Union is likely to hit Russia the hardest but leave Chinese trade relatively unscathed, according to a joint study by two European climate think tanks.
The EU proposed in July a Carbon Border Adjustment Mechanism , or CO2 tariff, on polluting goods from 2026, forcing some companies importing into the EU to pay carbon costs at the border on carbon-intensive products such as steel and aluminium.The CBAM will be introduced in 2023 at the earliest before becoming fully operational in 2026, according to European Commission proposals.
Under the EU emissions trading system, firms are obliged to buy allowances to cover their total emissions. If they cut emissions, they can sell surplus allowances to others. "The sectors covered by the current CBAM proposal represent 1.8% of Chinese exports to Europe in 2019, in value," the report said, adding that a potential widening of product coverage could increase the share to 5%.
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