Chief Economist Criticizes EU’s Carbon Tax, Calls for Fair Climate Measures

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New Delhi: Chief economic adviser V Anantha Nageswaran on Thursday said that measures like the carbon border adjustment mechanism or CBAM, taken by developed nations to combat climate change, are unfair towards developing economies. The European Union has decided to impose a carbon tax on products from certain sectors like steel, cement from countries like India and China. The carbon tax is expected to come into effect from January 1, 2026, but during the trial period, which started on October 1, 2023, companies from seven carbon-intensive sectors, including steel, cement, fertiliser, aluminium and hydrocarbon products, have to share emissions data...