Piyush Goyal Criticises EU Carbon Tax on Steel Imports
· Business · Moneycontrol, The Hindu
Union Minister Piyush Goyal has criticised the European Union's proposed carbon tax on steel, describing the measure as a move that is inviting disaster and shooting itself in the foot. The minister argued that such trade barriers could disrupt global supply chains and negatively impact industrial sectors. Goyal also addressed the broader issue of climate finance, stating that India has not received the promised $100 billion in support from developed nations. The government maintains that such taxes place an unfair burden on developing economies striving for industrial growth. The EU's carbon border adjustment mechanism aims to tax imports based on their carbon footprint to prevent carbon leakage.
Why it matters
The tax threatens to increase costs for Indian steel exporters to Europe, potentially hurting the competitiveness of domestic manufacturers in one of their key export markets.
Read the original report — Moneycontrol
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.