China Objects to EU’s Border Carbon Tax, Backs Global Market

image is BloomburgMedia_S9FTGPT0AFB400_26-02-2024_10-00-09_638445024000000000.jpg

Vapor rising. Photographer: Waldo Swiegers/Bloomberg

China objects to the European Union’s carbon border tax because it unilaterally imposes additional costs on poorer countries, according to the country’s vice minister for the environment.

Collaborating on a global carbon market would be a better option than the EU tax, said Zhao Yingmin. China is also considering an expansion of its domestic carbon trading system, he said.

The word’s biggest CO2 emitter is currently at risk of missing its 2025 climate targets, after it ramped up the use of coal to boost its heavy industries in 2023, according to an analysis by the Center for Research on Energy and Clean Air.  

Zhao said China plans to start expanding its national carbon market “as soon as possible,” targeting industries that face overcapacity problems, have the biggest mitigation potential and the most robust data registries. 

©2024 Bloomberg L.P.

By Bloomberg News


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