theIASHub | 06 May, 2025
Carbon Tax: Recently, the UK's proposed carbon tax has raised concerns over its impact on Indian exports, posing a key hurdle in finalizing the India-UK Free Trade Agreement (FTA).
o An FTA, a Bilateral Investment Treaty (BIT) and a social security agreement termed as the Double Contribution Convention Agreement (DCAA).
o UK remains unwilling to grant any concession under its Carbon Border Adjustment Mechanism (CBAM), which seeks to impose duties on carbon-intensive imports.
o The draft UK CBAM legislation states that the levy will apply to imported goods from January 1, 2027.
o The carbon tax, first introduced by the EU, has also met with strong resistance in India.
o Goal: Supports the EU’s CBAM and the target of net-zero emissions by 2050.
o Sectors Covered: Cement, steel, aluminium, fertilisers, electricity, and hydrogen – all high carbon-emitting industries.
o How it works: Importers must buy CBAM certificates that match the carbon emissions of their goods.
o The price equals the EU’s own carbon cost under the Emissions Trading System (ETS).If the exporting country already has a carbon tax, it will be adjusted to avoid double taxation.
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