Up to 80% of EEU exports to EU may fall under carbon tax
<p> MINSK, Aug 3 - PrimePress. Up to 80% of the total value of exports from the Eurasian Economic Union (EEU - Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia) to the European Union (EU) may fall within the scope of the carbon border adjustment mechanism (CBAM) in the long term, says a reported by Eurasia. Expert, which cites data from the Centre for Macroeconomic Research at the Russian Ministry of Finance’s Financial Research Institute (FRI). </p> <p> </p> <p> According to the Centre’s estimates, the share of EU-bound exports of goods potentially subject to CBAM could be as high as 20 percent for some EEU countries. “At the same time, in the event of stricter regulation in the longer term, 80 percent of the total value of exports from the Eurasian Union to the EU could fall under CBAM,” the portal said. </p> <p> </p> <p> It is noted that the carbon tax will also affect Belarus. Losses of Belarusian exporters may reach €60 million per year. Calculation of possible losses is held on 10 items of goods, the production of which produces significant CO2 emissions. These are the production of cement, electricity, fertilizers, ferrous metals, and aluminium and aluminium products. </p> <p> </p> <p> On 14 June 2021, the European Union published a document that will set the global climate agenda for the coming decades. “The European Green Deal is an environmental action plan which aims for a 55% reduction in emissions from 1990 levels by 2030, and for Europe to become a climate-neutral continent by 2050. The plan is part of the ambitious work of the Paris Agreement, which was concluded in 2015 and brings together 189 countries. One of the instruments for achieving the goal is carbon tax. Starting in 2023, it will increase as free emission allowances allocated to participants in the European carbon market are phased out, reaching 100% by 2035. The tax will affect the production of the most carbon-intensive goods - cement, iron and steel, aluminium, fertilisers and electricity. </p> <p> </p> <p> The EU is one of the EEU’s key trading partners, accounting for 36.8% of EU foreign trade in 2020. Russia, Belarus, Kazakhstan and Armenia are the leading suppliers of carbon-intensive goods to the EU. End </p> <p> </p>
2021-08-04
Primepress
Up to 80% of EEU exports to EU may fall under carbon tax
MINSK, Aug 3 - PrimePress. Up to 80% of the total value of exports from the Eurasian Economic Union (EEU - Armenia, Belarus, Kazakhstan, Kyrgyzstan, Russia) to the European Union (EU) may fall within the scope of the carbon border adjustment mechanism (CBAM) in the long term, says a reported by Eurasia. Expert, which cites data from the Centre for Macroeconomic Research at the Russian Ministry of Finance’s Financial Research Institute (FRI).
According to the Centre’s estimates, the share of EU-bound exports of goods potentially subject to CBAM could be as high as 20 percent for some EEU countries. “At the same time, in the event of stricter regulation in the longer term, 80 percent of the total value of exports from the Eurasian Union to the EU could fall under CBAM,” the portal said.
It is noted that the carbon tax will also affect Belarus. Losses of Belarusian exporters may reach €60 million per year. Calculation of possible losses is held on 10 items of goods, the production of which produces significant CO2 emissions. These are the production of cement, electricity, fertilizers, ferrous metals, and aluminium and aluminium products.
On 14 June 2021, the European Union published a document that will set the global climate agenda for the coming decades. “The European Green Deal is an environmental action plan which aims for a 55% reduction in emissions from 1990 levels by 2030, and for Europe to become a climate-neutral continent by 2050. The plan is part of the ambitious work of the Paris Agreement, which was concluded in 2015 and brings together 189 countries. One of the instruments for achieving the goal is carbon tax. Starting in 2023, it will increase as free emission allowances allocated to participants in the European carbon market are phased out, reaching 100% by 2035. The tax will affect the production of the most carbon-intensive goods - cement, iron and steel, aluminium, fertilisers and electricity.
The EU is one of the EEU’s key trading partners, accounting for 36.8% of EU foreign trade in 2020. Russia, Belarus, Kazakhstan and Armenia are the leading suppliers of carbon-intensive goods to the EU. End