Russia bristles at proposed EU carbon tax

(EurActiv, 27 Aug 2020) Russia on Wednesday (26 August) voiced fears over EU plans for carbon taxes on imports from countries outside the bloc, a move that would hit hard a country heavily dependent on hydrocarbons trade.

Former president and prime minister Dmitri Medvedev — now deputy head of Russia’s Security Council — warned of “very serious consequences for the Russian economy” if the tax went ahead in comments reported by news agencies.

He added that the energy and chemicals sectors could suffer particularly along with fuel and coal exports.

Medvedev said the Russian Academy of Sciences had estimated losses running into billions of euros as the EU looks to bolster its competitive advantage with its ‘green deal’ to tackle climate change by taxing imports based on their carbon emissions.

Seeking to overcome damage dealt to its economy by the coronavirus, the EU recently announced a €750 billion stimulus plan which will be used in part to reach carbon neutrality targets. The carbon tax is slated to come on stream from 2023.

This article appeared on the European Council for an Energy Efficient Economy at https://www.eceee.org/all-news/news/russia-bristles-at-proposed-eu-carbon-tax/


Subscribe to Our Informative Weekly Newsletter Here:

  • This field is for validation purposes and should be left unchanged.