India’s finance minister Nirmala Sitharaman has denounced the EU’s planned carbon tax on imports as an arbitrary “trade barrier” that will hurt the world’s fastest-growing large economy and other industrialising nations.
Sitharaman said the EU Carbon Border Adjustment Mechanism (CBAM), under which tariffs are to be levied from 2026, would impede developing countries’ transition away from fossil fuels by making the change harder to fund.
“They are unilateral and are not helpful,” Sitharaman told the Financial Times’ Energy Transition Summit India in New Delhi. “Absolutely, it is a trade barrier.”
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