India says will oppose ‘regressive proposal’ by rich nations on carbon tax
India other developing nations will oppose plans by the European Union the US to penalize imports of carbon-intensive goods to curb emissions at the global climate summit to be held in Glasgow this November.
“It is the most regressive proposal” with “no principle of equity adhered to,” Environment Minister Prakash Javadekar told Bloomberg New Energy Finance’s Vandana Gombar at the BNEF Summit held virtually on Tuesday. “This is unfair taxation, nobody will accept it.”
India will instead seek more action from European nations the US, which have not kept their commitments on reducing emissions, Javadekar said. US President Joe Biden’s administration is considering a so-called border adjustment tariff to be levied on certain carbon-intensive goods imported from countries with lax climate controls. That’s similar to plans put forth by the EU those being discussed by the UK Canada.
Javadekar listed India’s climate investments, including its solar power plans 400 billion rupees ($5.9 billion) spending on increasing forest cover. The minister also criticized delays in plans to release the $100 billion in financial aid to developing nations to help them meet their climate goals. The funds that were supposed to be disbursed by 2020 have now been delayed to 2025.
India would push for more action from developed nations at the Conference of Parties or COP26 in November, Javadekar said. “We are paying, we are suffering from climate change which was caused by the reckless emissions for hundreds of years by the developed world,” Javadekar said.
Business Standard has always strived hard to provide up-to-date information commentary on developments that are of interest to you have wider political economic implications for the country the world. Your encouragement constant feedback on how to improve our offering have only made our resolve commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed updated with credible news, authoritative views incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better more relevant content. We believe in free, fair credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism subscribe to Business Standard.