GLASGOW: The BASIC nations — Brazil, South Africa, India and China — on Wednesday strongly opposed the EU’s proposal of ‘carbon border tax’ and asked affluent nations to bridge the trust deficit by fulfilling their obligations on climate finance through mobilising at least $100 billion per year from 2021 to 2025 even as COP26 presidency released the “heavily bracketed” first draft text of the Glasgow decision amid key unresolved issues on table.
“Any unilateral measures and discriminatory practices, such as carbon border taxes, that could result in market distortion and aggravate the trust deficit amongst parties, must be avoided,” said the BASIC ministers after the meeting, chaired by environment minister Bhupender Yadav. The brackets in the text reflect unresolved issues of finance, adaptation, loss & damage and carbon market (Article 6). On a positive note, the text for the first time called for acceleration of the phase-out of coal and fossil fuel subsidies.
Though the ministers pledged full support to the UK COP26 Presidency for a successful conference, they asked the developed countries to honour their pre-2020 commitments regarding mitigation, adaptation and means of implementation, without transferring any burden to developing countries. It is believed that the ‘carbon border tax’, being pushed by the EU nations, will impact manufacturing and exports in developing countries, primarily in India and China.




Source link