The European Union has increased its target of reduction in carbon emissions from 40% to 55% from 1990 standards at the end of last year. Achieving this will require a change in policymaking and restructuring of high emission entities.EU started by taxing its high carbon emitting members to reduce the emissions.
The EU has also introduced an import tax on the goods that come from high carbon emission industries, like steel, cement, fertilizer etc. It’ll take effect in 2026, the transition will start from next year. The Carbon Border Tax or The Carbon Border Adjustment Mechanism (CBAM) is also being seen as a trade war instead of a war on carbon. It is going to affect countries like China, Russia, India and the UK. EU and the US are in the talks for making a ‘carbon club’, the idea is to tax high emission imports, which is also a way of starving off competition because the domestic manufacturers are failing to hold ground against Indian and Chinese products, because of their good quality and cheap manufacturing costs mainly due to cheap labour.
According to Oxfam, 25% of global greenhouse emissions were caused by the top 10% of the population during 1990 to 2015, most of them live either in the US or the EU, the bottom 50% contributed only 7% to the emissions. So is it fair to punish the poor or developing countries for the emissions that the EU and US have caused over the last decades.
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Technology is a useful servant, but a dangerous master, it was rightly said. Electronic devices have grown into an inevitable part of our daily lives.
