Last Updated: December 07, 2023, 14:00 IST
Union Finance Minister Nirmala Sitharaman (Image: PTI)
Her feedback come within the backdrop of the European Union’s announcement to impose carbon tax on imports from sure sectors
Finance Minister Nirmala Sitharaman on Thursday mentioned any transfer on imposition of cross-border adjustment tax by developed international locations to meet their inexperienced commitments is morally unsuitable and goes towards the curiosity of growing international locations of ‘Global South’.
“The single mono-sided decision of imposition of border adjustment tax …the logic just goes against the concern of the Global South…
“But cross-border imposition (of tax) and that money going towards somebody else’s green agenda, if anything, is not moral at all,” Sitharaman mentioned on the CII Global Economic Policy Forum.
The minister mentioned each nation will want to generate sources to meet the inexperienced commitments made globally.
Her feedback come within the backdrop of the European Union’s announcement to impose carbon tax on imports from sure sectors. The CBAM (Carbon Border Adjustment Mechanism) or carbon tax (a sort of import obligation) will come into impact from January 1, 2026, however from October 1 this 12 months, home firms from seven carbon-intensive sectors, together with metal, cement, fertiliser, aluminium and hydrocarbon merchandise, could have to share knowledge with regard to carbon emissions with the EU.
In her handle, Sitharaman mentioned the bottom power necessities of a rustic can’t be stuffed by renewable power sources, however it’s doable to assume when it comes to spreading renewable power in such a method that particular person participation is ensured. India is quickly transferring within the renewable power house, significantly in photo voltaic, and is in talks with many international locations for a grid connectivity the world over by the ISA members.
