The Commission has said its carbon border policy will comply with World Trade Organisation rules - but it has acknowledged that it could antagonise large trading partners. Policy The EU aims to be climate-neutral by 2050 – an economy with net-zero greenhouse gas emissions. The system is intended to assist the EU in reaching both its immediate as well as longer-term emissions reduction objectives by “promoting reductions of emissions in a cost-effective and economically efficient manner”1.The main features of the EU ETS are … REUTERS/Yves Herman This could also be done by creating a separate pool of permits for foreign producers, the Commission said. An extension of the ETS to imports, forcing foreign companies to buy carbon permits at the border, is also an option. Diederik Samsom, who heads the Commission’s climate cabinet, told a Stockholm Environment Institute webinar last month the EU wants to show it is serious about climate action. This objective is at the heart of the European Green Deal and in line with the EU’s commitment to global climate action under the Paris Agreement. “We want to extend that to the rest of the world - if needed, with instruments that we were, in the past, happy to forget about for obvious reasons - not to create trouble with others in the world,” he said. They can also buy limited amounts of international credits from emission-saving projects around the world. The aim is to create a level playing field where EU companies are not shouldering carbon costs that put them at a disadvantage against foreign rivals who do not face such charges. Options under consideration are a value-added tax (VAT), a customs levy and an extension of the EU’s carbon market, the European Commission said on Wednesday. In a consultation launched on Wednesday, the Commission laid out options for the policy, which it hopes could raise up to 14 billion euros ($16.23 billion) by 2027 to help fund the EU’s next budget and its recovery from the coronavirus pandemic. BRUSSELS (Reuters) - The European Union has laid out options for designing its plan to impose charges on imports of some goods to try to protect EU industry from being undercut by countries with weaker climate policies.

In a world that is increasingly feeling the consequences of climate change, the idea of polluters paying for their pollution makes more and more sense. This paper investigates the joint impact of the European Union Emissions Trading System (EU ETS), Europe’s main climate change policy, on carbon emissions and economic performance of regulated companies. The EU ETS works on the 'cap and trade' principle.A cap is set on the total amount of certain greenhouse gases that can be emitted by installations covered by the system. The European Union Emissions Trading Scheme (EU ETS) is the world’s first and so far the largest installation-level ‘cap-and trade’ system for cutting greenhouse gas (GHG) emissions. The Commission will unveil plans next year to impose so-called carbon costs on imports - a move which officials admit could ignite trade tensions. The cap is reduced over time so that total emissions fall.Within the cap, companies receive or buy emission allowances which they can trade with one another as needed. The options include a border tax on imports of selected emissions-intensive products. The roadmap outlined milestones towards the target, policy challenges, investment needs and opportunities in different sectors. This objective is at the heart of the The transition to a climate-neutral society is both an urgent challenge and an opportunity to build a better future for all.All parts of society and economic sectors will play a role – from the power sector to industry, mobility, buildings, agriculture and forestry.The EU can lead the way by investing into realistic technological solutions, empowering citizens and aligning action in key areas such as industrial policy, finance and research, while ensuring social fairness for a just transition.The Commission's vision covers nearly all EU policies and is in line with the As part of the European Green Deal, the Commission proposed on 4 March 2020 the first All Parties to the Paris Agreement are invited to communicate, by 2020, their mid-century, long-term low greenhouse gas emission development strategies.The European Parliament endorsed the net-zero greenhouse gas emissions objective in its In 2011, the European Commission put forward a roadmap for a competitive low-carbon Europe by 2050. The third option is a VAT or excise duty-style carbon tax on products sold in Europe, which would affect EU producers as well as foreign firms. But the sweeping deal also set the timetable for implementing a policy that could prove far more powerful—and controversial—than the funding, by providing a way to push down emissions … The tax would be linked to the price in the EU emissions trading system (ETS), which forces power plants and industry to buy permits to cover emissions. “Now we are ready to create some trouble if needed.” FILE PHOTO: European Union flags flutter outside the European Commission headquarters in Brussels, Belgium June 25, 2020. The EU aims to be climate-neutral by 2050 – an economy with net-zero greenhouse gas emissions.

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