EU: Trade Tensions at UN Climate Conference as Developing Nations Challenge EU’s Carbon Border Tax

Developing nations, notably China and India, clashed with richer countries over the inclusion of ‘unilateral trade measures’, such as the EU’s carbon border tax, in the UN climate talks agenda, delaying the conference start. Central to discussions is the need for a new climate finance goal.

Tensions surfaced at the UN climate conference as developing countries, led by China and India, contested the inclusion of the EU’s carbon border tax in the agenda. The contentious tax, aimed at reducing carbon emissions by levying imports, has stirred disagreement over its economic impact on developing nations.

The climate finance goal remains a pivotal issue at the conference. Host country Azerbaijan urged quick resolutions, while UN climate chief Simon Stiell emphasized the shared interest in a financial solution. However, proceedings stalled as delegates debated the agenda content.

Amid these discussions, a proposal from China highlighted broader concerns about industrial policies in developed countries. Finance Minister Nirmala Sitharaman criticized the tax as ‘unilateral and arbitrary’, sharing worries about its impact on India’s trade economy.

1 February 2024

EUROPE: Incoming ESG data reforms “a big task” for European banks

European financial institutions will have to assess whether ESG risks could threaten their business models and risk profiles under draft rules tabled by the EU’s top banking regulator. The European

Read More
14 November 2024

GREECE: New Changes to Greece Golden Visa From January 2025

The Ministry of National Economy and Finance introduced a tax bill that contains several changes to the Golden Visa Program, including measures to shift foreigners’ interest from real estate investment

Read More
25 April 2025

US: US bank regulators pull back guardrails on bank crypto activities

U.S. banking regulators announced on Thursday they were pulling back several documents that urge banks to show caution when dabbling in cryptocurrency and related activities.The Federal Reserve said

Read More
11 April 2025

US: US President Donald Trump Signs First Crypto-Related Bill Into Law

US President Donald Trump has signed a joint resolution that will repeal an IRS rule affecting decentralized finance (DeFi) platforms. This legislation, which has passed through both the Senate and

Read More