Glasgow: BASIC NATION – Brazil, South Africa, India and China – on Wednesday Strongly opposed the proposals ‘carbon border tax’ and asked rich countries to bridge their trust deficit by fulfilling climate financing obligations through mobilizing at least $ 100 billion per year From 2021 to 2025 even when the COP26 presidency released the first “tangled” draft text from Glasgow’s decision in the midst of the main problem that had not been resolved on the table.
“Every unilateral step and discriminatory practice, such as carbon border tax, which can lead to market distortion and worsen the deficit of the belief between the parties, it must be avoided,” said the Basic Ministers after the meeting, chaired by Minister of Environment Bhupender Yadav.
Brackets in text reflect financial problems, adaptation, loss & damage and carbon markets (Article 6).
On a positive note, the text for the first time requesting the acceleration of the phase-out subsidy of coal and fossil fuel.
Although the ministers promised full support to the British COP26 presidency for a successful conference, they asked developed countries to respect their pre-2020 commitment regarding mitigation, adaptation and implementation method, without transferring the burden of developing countries.
It is believed that the ‘carbon border tax’, driven by the EU countries, will affect manufacturing and exports in developing countries, especially in India and China.