EU Begins Carbon Border Tax Trial Amid Concerns Over Impact

The EU's carbon border tax starts a trial period on October 1, aiming to prevent companies from relocating production outside the EU to avoid carbon costs.
The tax will initially require companies to report emissions from exports of several products like steel and cement. Payments start in 2026.
The EU says the tax will encourage greener technologies globally, but trading partners criticize it as discriminatory.
There are concerns the tax could hurt poorer countries and that businesses aren't ready for new paperwork.
EU producers worry about retaliation and losing market share. Importers face higher costs and administrative burdens.

politico.eu

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Posted 10/1/2023, 11:16:00 AM