Europe's War on Carbon Goes Global as Border Tax Comes Into Play

Contributing sentiments towards policy:

54% : "Sunday is just the start of a long process but even if some companies are not impacted right away, they may be at a later stage, as the EU has an option of including more industries.
54% : Els Brouwers, Director of Energy, Climate and Economic Affairs at Essenscia, the lobby group for the Belgian chemical industry, described the mechanism as a "huge administrative burden for EU importers."
53% : The idea of putting a price on emissions at the European border has been floated over the past two decades but it wasn't until earlier this year that the EU adopted a law mandating the levy as part of its ambitious green package.
51% : The EU has a binding goal of reducing greenhouse gases by at least 55% this decade from the level recorded in 1990 and achieving climate neutrality by the middle of the century.
51% : The EU still has a lot of work to do for the mechanism to operate smoothly, from ensuring compliance supervision in member states to introducing more detailed technical rules.
51% : "It's not going to lead to carbon pricing anywhere near to what the EU is doing anytime soon," Vagneur-Jones wrote in a note.
50% : "First, their products will be less competitive if they don't reduce emissions and second, the prospect of paying a price on carbon in the EU will act as an incentive to invest in decarbonization," Figures said.
42% : It's also added to trade tensions between the EU and US, with the Biden administration asking earlier this year for its steel and aluminum exports to be exempt.
31% : Such a design also prevents the plan from being considered an illegal tariff under regulations drawn up by the World Trade Organization.

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