Caixin
Jan 20, 2022 09:20 PM
ECONOMY

China Carbon Tax Needed to Mitigate Impact of EU’s Carbon Border Levies, Experts Say

Xiaoshan Power Plant in Hangzhou, East China's Zhejiang Province, on July 16, 2021. Photo: IC Photo
Xiaoshan Power Plant in Hangzhou, East China's Zhejiang Province, on July 16, 2021. Photo: IC Photo

A China carbon tax is needed to offset the increased cost to Chinese exporters from a proposed European Union carbon border tax that’s set to be brought forward, experts say.

Brussels announced a carbon border adjustment mechanism (CBAM), commonly known as the carbon border tax, in July last year as part of efforts to combat climate change. While the transition period of the CBAM was initially set for three years, from Jan. 1, 2023 to Dec. 31, 2025, an amendment proposal published in November shortened the transition to two years ending Dec. 31, 2024.

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