Britain will start Carbon Border Adjustment Mechanism scheme from the year 2027

Daily Current Affairs / Britain will start Carbon Border Adjustment Mechanism scheme from the year 2027

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Category : Business and economics Published on: December 26 2023

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Recently Britain has announced that it will launch the Carbon Border Adjustment Mechanism scheme from the year 2027.
Under this scheme, carbon tax will be imposed on iron, steel, aluminum, fertilizer, and cement.
The amount of the tax will depend on the amount of carbon emitted in the production of imported goods and the difference between the price of carbon in the UK and the country of origin.
Imposing a tax would ensure that carbon-intensive products such as steel and ceramics from other countries face the same carbon price as products produced in the UK.
Regarding this decision, the Government of India has filed a complaint with the World Trade Organization.