You know who this is going to hurt? The peasants and small businesses
The world’s first carbon border tax will soon go live — shaking up global trade
The European Union is less than three months away from launching its carbon levy — the world’s first large-scale border tax on carbon-intensive goods.
The forthcoming step, which has the potential to completely transform global trade, comes as part of the bloc’s efforts to slash greenhouse gas emissions from heavy industries and promote cleaner production processes across the globe.
Starting from Jan. 1 next year, the EU’s Carbon Border Adjustment Mechanism (CBAM) will impose a cost on goods such as steel, fertilizers, cement, aluminum and hydrogen imported from outside the 27-nation bloc.
Under the terms of the policy, importers bringing these goods into the EU will be required to purchase CBAM certificates to cover their associated emissions. The cost of these certificates is expected to be the same as the EU Emissions Trading System (ETS) market price.
What happens? They sell those products at a higher price, and doing that with fertilizer will increase the cost of food, already high from all the EU policies, including on the climate scam. Cement? Same thing.
Not everyone is thrilled about the EU’s upcoming carbon border tax. The U.S., China, India and Brazil are among the countries that have raised concerns, with some threatening to take retaliatory measures and others warning the policy might hinder rather than help global climate efforts. (snip)
The U.S., for its part, has warned that European climate rules could threaten the EU’s trade deal with the White House.
U.S. President Donald Trump struck a framework agreement with European Commission President Ursula von der Leyen in late July, establishing a tariff ceiling of 15% for most EU goods from the start of August.
It’s always the Elites placing these climate scams into law, but, those policies never seem to hurt the Elites. They probably have investments where they make money off the scam policies.
Read: EU To Soon Launch Border Tax On “Carbon Intensive Goods” »
The White House has officially declared an imminent government shutdown after the Senate failed to pass a GOP-backed spending bill to keep federal agencies funded through Nov. 21.
Local California women’s rights activist Beth Bourne protested the policy allowing transgender students access to girls’ locker rooms by stripping down to a bikini at a local school board meeting.
Climate week just concluded in New York City. Instead of joining the chorus on how the US has withdrawn from the conversation, I thought I might write about something constructive. I have always worried that climate losses will eventually be socialized via greater deficits and eventually via greater taxation. What might an alternative look like? A private sector funded financing vehicle that can transfer risk from victims to a more risk loving investor, in exchange for appropriate returns. That is, something like CAT bonds.
The Energy Department has added “climate change,” “green” and “decarbonization” to its growing “list of words to avoid” at its Office of Energy Efficiency and Renewable Energy, according to an email issued Friday and obtained by POLITICO.
