Experts say the potential cost of Russia’s EU carbon tax under the European Commission’s border carbon tax project could reach nearly $ 11.7 billion by 2030.
“In the case of Russia, this price could reach up to $ 1.8 billion to $ 3.4 billion in 2026 and $ 3.5 to $ 6.4 billion in 2030 (CO2 while maintaining exports averages in 2019. (Because the price per ton has increased) -2020), ”RIA Novosti reported on Friday, citing the Boston Consulting Group (BCG).
But if refined petroleum products and petrochemicals are on the list of industries subject to the new tax, and Russia’s maximum tariff is set at nearly $ 11.7 billion by 2030, those numbers will be even higher. . The company says it’s possible.
Last month, the European Commission (EC) announced the world’s first draft carbon border tax plan for the import of high carbon dioxide-emitting raw materials such as steel, iron, electricity, aluminum, fertilizers and cement. This plan is part of the EU’s program, known as the EU Green Deal, to eliminate carbon block emissions completely by 2050.
BCG predicts that the majority of the new tax (around 55%) will cover the Russian steel industry. Overall, the introduction of taxes predicts that the introduction of taxes will significantly reduce the volume of exports of certain categories of goods from Russia to the EU.
However, the company says EU carbon taxes will be considerably lower for exporters who have paid similar fees in their territory.
The EC plan also allows for a transition period from 2023 to 2025, with actual tariffs not coming into effect until 2026. Experts say this will allow Russia to prepare for the changes by introducing a national mechanism. carbon regulation.
“First of all, it is important to accelerate the development of internal carbon regulations that will allow Russia to leave payments in its territory and invest in green technologies in the future,” the company said. . Suggest.
The Russian Economy Ministry estimates that the EU’s carbon tax on its export sector will cost $ 7.6 billion. The country recently announced its intention to strengthen the development of the carbon neutral hydrogen industry. This could help Russia maintain its position as an exporter in the European market.
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EU carbon tax could cost Russia nearly $ 12 billion by 2030
Source link European carbon tax could cost Russia nearly $ 12 billion by 2030
