• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

China strikes back at EU for carbon border tax

4 years ago
in Economy, Editor's pick, highlights, Home, home-news, latest News
1 min read
0 0
0
99
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

China strikes back at EU for carbon border tax

The European Union is breaching trade principles with its proposal to impose a so-called carbon border tax that would push up the prices of non-EU products sold in the bloc to account for their carbon footprint.

“CBAM is essentially a unilateral measure to extend the climate change issue to the trade sector. It violates WTO principles … and (will) seriously undermine mutual trust in the global community and the prospects for economic growth,” a spokesman for China’s Ministry of Ecology and Environment told media today, as quoted by Reuters.

The Carbon Border Adjustment Mechanism (CBAM) was proposed earlier this month by the European Commission following complaints by European manufacturers that Brussels’ increasingly tighter emission standards for locally produced goods and materials undermine the competitiveness of these goods and materials on international markets.

The aim of the tax is to help the EU reduce emissions but also protect European manufacturers. Per the EC proposal, the tax would be levied on some importers from 2026. Before that, between 2023 and 2025, these importers would be required to monitor and report their emissions footprint.

According to Liu Youbin, the ministry’s spokesman, the tax, which is effectively an import tariff, will severely affect developing economies’ efforts in tackling climate change. The official also noted Beijing’s official stance on these climate change efforts, which is that these should take into account every country’s economic development level.

“Carbon border tax is essentially a kind of unilateral measure. The unprincipled extension of climate issues to trade is not only a violation of WTO rules, a blow to the free and open multilateral trading system, and may cause serious damage to international trust and economic growth, it is also inconsistent with the principles and requirements of the United Nations Framework Convention on Climate Change and its Paris Agreement,” Liu also said, as quoted by the Global Times.

RelatedPosts

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

MTN Nigeria Now the Most Capitalized Stock in Nigeria

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Source: oilprice
Via: norvanreports
Tags: Carbon Border Adjustment Mechanism (CBAM)carbon border taxcarbon footprintChina strikes back at EU for carbon border taxviolates WTO principles
No Result
View All Result

Highlights

OPEC+ Nears Decision Point on Next Oil Output Hike

Europe’s Energy Future Hinges on Global Powers

US Companies Cut Investments in China to Record Lows, Here’s Why

How AI is Rewriting and Enhancing Water Risk Management

SheFarms Broiler Edition Kicks Off in Greater Accra

PharmAccess Ghana, Healthcare Federation of Ghana sign SafeCare License Agreement; to use Newest ISQua-Certified Version 5

Trending

Business

Multichoice Rebuffs Minister’s Claim On DSTV Price Cuts, Cites Market Conditions

August 3, 2025

Multichoice Rebuffs Minister's Claim On DSTV Price Cuts, Cites Market Conditions MultiChoice Ghana has pushed back against...

MTN Nigeria Now the Most Capitalized Stock in Nigeria

August 3, 2025

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

August 3, 2025

OPEC+ Nears Decision Point on Next Oil Output Hike

August 3, 2025

Europe’s Energy Future Hinges on Global Powers

August 3, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.