EU’s green initiative could de-industrialize Africa, official warns ...News

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EU’s green initiative could de-industrialize Africa, official warns
source : Russia Today ( News ) () 33
The so-called Carbon Border Adjustment Mechanism threatens to cost the continent $25 billion per year, Akinwumi Adesina says An EU plan to impose a carbon tax on imports would cost Africa as much as $25 billion a year, the president of the African Development Bank, Akinwumi Adesina, has warned, adding that the continent should be exempt from the measure. Under the so-called Carbon Border Adjustment Mechanism (CBAM), which takes effect in 2026, imports of steel, cement, iron, aluminum, fertilizers, electricity, and hydrogen would be taxed if they originate in countries with less stringent carbon emissions rules.

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