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EU carbon tax affects India's steel, iron ore and cement exports

The Indian Finance Ministry said that exports to the European Union will be affected by tariffs ranging from 20 per cent to 35 per cent on high-carbon products such as steel, iron ore and cement.

EU carbon tax affects India's steel, iron ore and cement exports

The EU has announced its first plan to introduce a tax on high-carbon imports from 2026, aiming to reach zero greenhouse gas emissions by 2050. This marks a plan that is 20 years ahead of India's target.

The EU will require carbon steel content reports on imports from 1 October 2023. The main commodities will be steel, cement, aluminium, fertiliser, electricity and hydrogen. This will be an impending risk for India's exports, including the introduction of a carbon cap adjustment mechanism by the European Union.

However, the report also notes that energy prices are expected to be lower in the remaining years, offsetting part of the trade deficit.

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