Environment & Ecology
In News: In COP 27 of UNFCCC, European Union (EU) has proposed a policy- called the ‘Carbon Border Adjustment Mechanism’.
Carbon Border Adjustment Mechanism:
- A carbon border adjustment tax is a duty on imports based on the amount of carbon emissions that result from the production of the products in question. It is imposed to discourage emissions.
- It aims to tax extremely carbon intensive products like cement and steel with effect from 2026.
- India, China, Brazil, South Africa, is opposed to this proposal, stating that carbon border taxes could result in market distortion besides aggravating the already widened trust deficit amongst parties.
- India’s views: All countries are entitled to their fair share of the global carbon budget and must stay within this in their cumulative emission.
- Green protectionism: If designed unilaterally, carbon tax may become a protectionist device and inspire a few countries to unduly shield local industries from foreign competition.
Other initiatives at COP27:
- Opening of Biodiversity Day at COP27 on “Connecting Climate and Biodiversity”
- Launch of the ENACT initiative for nature-based solutions, along with Germany and IUCN
- Red Sea Initiative for Red Sea’s corals was launched by the Egyptian government in partnership with the United States, through USAID, UNDP, and the Global Fund for Coral Reefs .
- For the Adaptation Fund and the climate-vulnerable developing countries, contributors announced nearly 172 million dollar in new pledges.
- Africa Just & Affordable Energy Transition Initiative (AJAETI) initiative aims to provide all Africans with access to clean energy, whilst meeting the energy requirements for Africa’s economic development.
Source: NewsOnAir
Previous Year Question
Q.1) The ‘Common Carbon Metric’, supported by UNEP, has been developed for (2021)
- assessing the carbon footprint of building operations around the world.
- enabling commercial farming entities around the world to enter carbon emission trading.
- enabling governments to assess the overall carbon footprint caused by their countries.
- assessing the overall carbon footprint caused by the use of fossil fuels by the world in a unit time.
