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Europe launches carbon border tax

Jacques Chirac dreamed about it. The European Union eventually did. After two decades of continuous pressure from France and despite fears of northern European countries about free trade, European institutions have finally implemented a draft carbon tax at the borders. A historic turning point for the European Union, which is on the offensive to export its climate ambitions, but also a new weapon to guarantee the competitiveness of European industry.

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How will this “tax” work?

Since 2005, companies in Europe’s most polluting sectors have had to cover their emissions each year by buying carbon allowances, currently €85 per tonne. If the company’s emissions exceed its quotas, it faces a heavy fine at the end of the year. If, on the contrary, he bought a lot of rights to pollute, he can keep them for the next year or resell them. An effective mechanism, but considered a penalty for European competitiveness

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Source: Le Figaro

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