Unilateral, unfair trade steps dominate discussions on Day 5 at COP29

India made a forceful intervention against unilateral trade measures at the COP29 climate talks, demanding its inclusion in the conference agenda, joining similar calls from G77 and China, the BASIC group (Brazil, South Africa, India and China), and Like-Minded Developing Countries (LMDC). The country warned that imposing trade-related climate measures unfairly burdens developing and low-income countries with the

EU’s suggestion on CBAM offers no help: Report

The European Union (EU) suggestion that India can impose carbon tax locally to avoid or reduce the levy that will be imposed under Carbon Border Adjustment Mechanism (CBAM)  would not be of much help as payout by exporters will still be high, according to a report by GTRI. The EU’s CBAM regulation offers a reduction

EU suggests India to create its own carbon tax mechanism

Amid ongoing free trade agreement (FTA) negotiations, the European Union (EU) has suggested that India create its own carbon tax mechanism instead of paying into the EU’s Carbon Border Adjustment Mechanism (CBAM), commerce and industries minister Piyush Goyal said. The CBAM is a tariff on carbon-intensive imports such as steel, cement, and certain electricity products

Jindal Stainless working on Scope 3 emissions

Jindal Stainless, which makes stainless steel products for sectors like transportation and construction, is working on its Scope 3 emissions and is ready for the European Union’s Cross Border Adjustment Mechanism (CBAM). Jindal said that while EU’s carbon tax is a challenge for the whole industry, the company, which is already 95% scrap based, is

EUs CBAM to hit aluminum sector in India

The EU’s implementation of the CBAM, aimed at achieving net-zero emissions by 2050, threatens India’s position as a leading low-cost aluminum producer due to its higher emission intensity compared to European counterparts. Indian aluminum manufacturers are taking steps to address GHG emissions, but CBAM’s implementation and growing capacities in Middle Eastern countries still pose challenges

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