Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

UPDATE 1-Carbon tariffs on imports risk trade war--EU study

Published 04/30/2010, 10:55 AM
Updated 04/30/2010, 11:09 AM

* EU executive mulling carbon tariffs for imports - draft

* Early conclusion is that carbon levies risk trade war

* Report says any moves should be taken in tandem with U.S.

(Adds detail, background, reaction)

By Pete Harrison

BRUSSELS, April 30 (Reuters) - The European Union is considering border tariffs on imports from more polluting countries, but an initial assessment shows such levies could spark trade wars, draft reports show.

Two European Commission reports do not explicitly reject a push for border tariffs by France and Italy, but say they would be fiendishly complex to calculate, create a huge administrative burden and risk trade conflict.

"Border measures risk clashing with the obligations under the WTO (World Trade Organisation)," said one study looking at the cost of increasing EU curbs on climate-warming emissions.

France and Italy are worried that their industries, which pay for EU permits to emit carbon dioxide, will lose out to cheaper imports from countries that impose no such charges.

The Commission said it would continue to look at how imports might be included in the Emissions Trading Scheme, the EU's carbon market and its main tool against climate-warming emissions. But the prospect of such measures looks dim.

"The introduction of border measures may also trigger retaliatory measures and even hinder international negotiations," added the document, seen by Reuters. "The system could at best only be envisaged for a very limited number of standardised commodities, such as steel or cement."

Sanjeev Kumar at environmental think-tank E3G said: "This is pretty much the death of the border-tax adjustment discussions in Europe. We've known for a long time it would put the whole European economy at risk."

ECO-IMPERIALISM

Border tariffs on countries that do not play their part in fighting climate change are a hot topic in the United States, where legislators are weighing up their own climate laws.

"Similar proposals are also being discussed in the U.S., and obviously any further political and operational steps taken in this direction should be taken together," said a related EU draft.

Folker Franz, of industry group BusinessEurope, said: "In a theoretical world where Japan, the U.S. and Europe could move together, then it might work. But if Europe imposed tariffs alone it would not."

Germany, as one of the EU's biggest exporters, is worried about retaliation. Berlin last year criticised the idea of carbon tariffs as "eco-imperialism".

French President Nicolas Sarkozy and Italian Prime Minister Silvio Berlusconi wrote to the European Commission two weeks ago calling for trade levies, but said they should respect WTO rules.

The Commission draft says that although levies could be made WTO-compliant, in theory, it would be almost impossible to tailor them to individual imports without knowing the carbon emissions up and down the manufacturing process -- and monitoring those emissions "may be unfeasible". (Reporting by Pete Harrison, editing by Mark Heinrich)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.