EU carbon duty runs counter to Paris Agreement — Russian business community leader
16 July 2021 00:00:00
© TASS

This approach is fully inconsistent with key principles enshrined in the Paris Agreement, Shokhin told

The carbon border duty scheme suggested by the European Commission imposes EU regulatory practices on other countries and fully contradicts key principles of the Paris Agreement, President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin told reporters on Wednesday.

"The cross-border carbon duty scheme offered by the European Commission largely duplicates elements of the European quotas trading system and actually imposes EU regulatory practices on other countries. This approach is fully inconsistent with key principles enshrined in the Paris Agreement," Shokhin said.

The published regulation does not provide a clear understanding of all aspects of calculations and verification of the carbon trace of products, he noted.

"We face a situation as a result when the global community is suggested supporting the creation of a precedent in cross-border carbon regulation without an understanding of the real effect either for the reduction of greenhouse gas emissions or for socioeconomic dynamics of different regions of the globe. An initiative such as this should be discussed with the involvement of all the stakeholders and a recognition of all risks related to the initiative," Shokhin said.

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