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.
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Ending special tax treatment afforded to superrich can cover estimated climate finance needs Following the example of Spain’s “featherlight” wealth tax on the 0.5% richest households would see