Heard on the Street: Europe’s proposed carbon border tax, which would impose costs on industries such as steel, has prompted a strong response from China
Everyone knows dieting is hard and that it’s easier if you have someone to do it with you. Europe has already committed to much lower carbon-dioxide emissions by 2030, and it is hoping the rest of the world will join in—particularly China, the world’s largest emitter.—essentially a tax on energy-intensive products from countries with lower carbon prices than Europe—is one key cudgel in this effort.
And tweaks to the mechanism, such as including scope 2 emissions—carbon indirectly released due to electricity purchased by manufacturers—would increase the impact. That is because Chinafor about 70% of its power, far more than the world’s other largest economies, excluding fellow Asian heavyweight India.
No surprise then that even the European Commission’s initial tentative steps toward implementing the CBAM, which still needs approval from individual national governments and the European Parliament, have generated strong pushback from China. China is the fourth-largest exporter of products covered under the CBAM to Europe, according to Dutch bank Rabobank.
Its steel production is also, in general, far less carbon efficient than Europe’s. Chinese electric arc furnaces are responsible for around 1.5 metric tons of carbon dioxide per metric ton of steel produced, according to a May working paper from the European Commission. That is about three times the figure in the EU and the U.S.
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