The Group of Seven leaders on Sunday pledged to work together to tackle carbon leakage, weeks before the European Union is due to propose a world-first plan to impose CO2 emission costs on imports of certain polluting goods.
As large emitters such as the EU wrestle with how to meet targets to cut CO2 emissions drastically and quickly, concerns are rising about so-called carbon leakage - the risk that tough climate policies could cause companies to relocate to regions where they can continue to pollute cheaply.
"We ... acknowledge the risk of carbon leakage, and will work collaboratively to address this risk and to align our trading practices with our commitments under the Paris agreement," G7 leaders said on Sunday in a joint communique.
The leaders said policies to put a price on CO2 will help them decarbonise their economies.
They steered clear, however, of mentioning carbon border fees - an idea set to take center stage next month, when the EU will propose its long-awaited plan to force importers to pay for their emissions.
A draft of the EU policy would require importers of iron and steel, aluminum, cement, fertilizers, and electricity to buy digital certificates to get their goods over the EU border. Each certificate would represent a tonne of CO2 emissions embedded in the goods.
"Carbon pricing matters. We need to address carbon leakage to create (a) global level playing field," European Council President Charles Michel said in a tweet after the G7 meeting.
Brussels says the policy is needed to put EU firms on an equal footing with competitors in countries with weaker climate policies.
However, it has stoked opposition from countries including Russia, for whom it could make access to the EU market more expensive for certain goods.
It could also hit some G7 members. The draft proposal would apply to some goods Britain and the U.S. sell into Europe, including steel and fertilizers.
Brussels has said countries with sufficiently ambitious climate policies may be able to dodge the fee.
(Reporting by Kate Abnett and Elizabeth Piper;Editing by Elaine Hardcastle)
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Israel’s new foreign minister said that there has been 'certain progress' in efforts to end the fighting with Lebanon’s Hezbollah.
U.S. President Joe Biden and Vice-President Kamala Harris on Monday made their first joint appearance since her U.S. selection loss when they observed Veterans Day together by laying a wreath at the Tomb of the Unknown Soldier.
A Spirit Airlines plane was hit by gunfire Monday over Haiti’s capital Port-au-Prince, according to diplomatic source in the country, resulting in what the airline described as “minor injuries†to one of its crew members.
New York City Mayor Eric Adams is seeking to move up the start of his trial on corruption and bribery charges so he can focus on his campaign for reelection this spring.
With armed conflict again on their continent, many European leaders marked the end 106 years ago of First World War with warnings that liberty, so often taken as self-evident, should be cherished and defended.
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An opponent of vaccines who urged violence against scientists, politicians and public health officials during the COVID-19 pandemic was sentenced Monday.
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Representatives of the Windsor Veterans Memorial Services Committee, military representatives, wreath bearers, government officials, and members of the public will attend the Cenotaph at City Hall Square for the outdoor service.
Windsor Paralympic champion, Danielle Campo, has been crowned the number one Inspirational Speaker of the Year for 2024 at the Inspirational Speaking Finals.
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A Memorial University scientist says the mysterious white blobs washing up on Newfoundland beaches are actually gobs of plastic -- and they need to be cleaned up.
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