Developing economies to be impacted by EU carbon tax

United Nations Framework Convention on Climate Change (UNFCCC) Global Ambassador and Chief Executive Officer of Caribbean Climate-Smart Accelerator Racquel Moses is of the view that while the economic consequences of the EU Carbon Border Tax Adjustment Mechanism (CBAM – Carbon Tax) could be disadvantageous for developing economies in the region, this can also be an opportunity for the region to look at ways to decarbonise their economies in order not to lose market access.

The imposition of the EU Carbon Tax on the imports of carbon-intensive sectors will set a price on carbon emitted to make energy-intensive products like iron, steel, cement, fertiliser and aluminium in non-EU countries like India and China.

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