IMO’s carbon tax to fuel shipping sector’s transformation

The United Nations’ International Maritime Organisation (IMO) decided to charge a levy for each ton of shipping emissions from cargo ships that travel across oceans. The 2023 IMO strategy on the reduction of Greenhouse gas (GHG) emissions from ships was adopted by IMO member states in July 2023. A commitment to ensuring the uptake of

A global carbon tax on shipping is coming, says ABS Chairman and CEO

A universal, global carbon tax on shipping is coming, as alternative blue fuels made with carbon capture emerge as a critical step in the energy transition at sea. That was the message from Christopher J. Wiernicki, ABS Chairman and CEO, during an appearance at the CERAWeek energy conference. “We need to recognize that there is

India likely to accept EU’s default values for its carbon emissions

During the ongoing transition phase of the EU’s Carbon Border Adjustment Mechanism (CBAM), India is likely to accept the bloc’s default values for calculating carbon emitted during production of identified polluting items, including steel & aluminium, in the country, for export to the region. Based on averages and their own estimates, the EU is working

EU launches world’s first carbon border tariff

The European Union inaugurated the first phase of the world’s first system of imposing CO2 emissions levies on imported steel, cement, and other commodities, in an effort to prevent more polluting foreign items from undercutting its green transition. The anticipated tax has alarmed trading partners, and at a recent meeting, China’s top climate envoy, Xie

FM expresses concern over CBAM to EU

FM Sitharaman has expressed her concerns regarding the Carbon Border Adjustment Mechanism (CBAM), mentioning that she has communicated to European parliamentarians that the CBAM would essentially make India pay for greening its own steel production.  The full implementation of the CBAM is slated for January 2026. India and the European Union (EU) seem to be

Steel industry should assess its preparedness for CABM: Govt

The steel ministry plans to write to all major steel companies with export interests to assess their preparedness for reducing their carbon footprint and for facing the green challenges emerging in global markets. The development comes at a time when India is exploring tariff and non-tariff measures to counter EU’s Carbon Border Adjustment Mechanism (CBAM)

India and EU to discuss carbon tax issues

India and the European Union have constituted two teams to discuss issues pertaining to the EU’s carbon tax, which will kick in from October 2023. The European Union (EU) is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1 this year. It would have an impact on seven carbon-intensive sectors, including steel, cement, fertiliser,

WB suggests carbon tax for shipping

A new 58-page report from the bank suggests a carbon tax in shipping alone could raise $40bn to $60bn each year between 2025 and 2050, money which could be used to speed the decarbonisation of the shipping industry as well as boosting port infrastructure, especially in developing countries.

India pressing EU for recognition of carbon certificates

India is pressing the European Union for a mutual recognition agreement for its carbon certificates and exempt MSMEs in certain sectors to insulate the domestic industry from the burden of the EU’s carbon tax, which would kick in from October this year. The EU is introducing the Carbon Border Adjustment Mechanism (CBAM) from October 1

At COP 27 India, China, Brazil, South Africa oppose tax on cement and steel

The European Union has proposed a policy to tax products such as cement and steel, that are extremely carbon intensive, with effect from 2026. With the 27 th edition of the Conference of Parties (COP) in Sharm El Sheikh nearing its final stages and efforts being ramped up to arrive at a conclusive agreement, a