Tag Archives: climate neutral

Europe Launches a Carbon Tax Attack Against the US Economy

From Watts Up With That?

Essay by Eric Worrall

This new carbon tax is a slap in the face for every non-EU nation which has contributed to Europe’s attempts to contain Russia.

Europe takes climate fight global as carbon border tax goes live

The Carbon Border Adjustment Mechanism enters a trial phase on Sunday.

OCTOBER 1, 2023 12:16 PM CET

The EU’s effort to become climate neutral is kicking into high gear — as of Sunday the bloc’s carbon border tax enters a trial period, which is likely to raise tensions with key trading partners. 

The Carbon Border Adjustment Mechanism — or CBAM — was adopted last year with the aim of ensuring that goods manufactured in Europe, and subject to the EU’s Emissions Trading System, which sets a price on carbon emitted, will be able to withstand competition from products made in countries where polluting doesn’t come with the same price attached.

Starting October 1, the EU’s trading partners will have to report the greenhouse gas emissions tied to their exports of iron, steel, cement, aluminum, fertilizer, hydrogen and electricity.

Initially, the requirement is just to report the emissions — although companies failing to do so face fines — the actual payments go into effect in 2026.

The point of the exercise is to both shield EU companies from unfair completion and to nudge other countries into setting their own price on carbon. Non-EU producers can deduct the cost of CBAM if they have their own domestic carbon tax.

Australia has slammed the planned carbon border levy for harming global growth, while the U.S., which has no national carbon price, is seeking an exemption.

There is particular concern about the impact of CBAM on the U.K. The price of its own emissions trading scheme has collapsed to less than half the level of the EU ETS, meaning British exporters are likely to have to pay hefty fees to the EU.

Ukrainian businesses, however, will be exempted because of the war. A European Commission official confirmed that the legislation contains a “provision to tackle exceptional and unprovoked situations with destructive consequences on the economic and industrial infrastructure in a given country.”

…Read more: https://www.politico.eu/article/europe-climate-fight-global-carbon-border-adjustment-mechanism-cbam-tax/

The import carbon tax is an attempt to mitigate the economic devastation caused by Europe’s obsession with unaffordable green energy.

The EU has a big problem with “carbon leakage” – companies fleeing the EU, because skyrocketing energy prices are destroying their ability to compete.

But instead of responding sensibly and fixing the problem by ditching renewables, the EU plan is to try to estimate what imports would have cost had they been manufactured in Europe, and to push up the effective manufacturing cost of those imports by imposing a carbon tax.

The word which comes to mind is “arbitrary”. Even if some nations make efforts to comply by imposing their own carbon pricing regimes, there is no guarantee the European Union will properly account for those efforts in their calculations.

The Ukraine exemption could hit US farmers particularly hard. Ukraine is a major exporter of wheat and other agricultural produce. An exemption for Ukraine from Europe’s new carbon tax, along with massive direct US subsidies for Ukrainian businesses, could significantly impact US agricultural exports to Europe.

EU leaders are only thinking of themselves, they are not acting like friends and allies. They don’t care that this new tax will hurt the economies of their trading partners.

On one hand Europe keeps begging for military aid from the USA and the global community, trusting to the generosity of others to support them in their hour of need, yet at the same time the EU’s climate obsession has driven them to launch a brazen attack against the prosperity of everyone who trades with Europe.

Even though the import tax payments don’t start until 2026, the promise and preparation for taxes is likely to have an immediate chilling effect on the profits of US and other businesses which export to the European Union.

Imagine trying to get a business finance loan to expand your export business, with the threat of escalating carbon taxes hanging over your bottom line? Even if the USA and Australia win exemptions, at most they would be a temporary reprieve. All long term finance deals will be impacted, as will the bottom lines and financial prospects of any business which exports to the European Union.

Europe’s Prince Of Private Jets: EU Council President Charles Michel’s 700,000 Euros For Flights

From NoTricksZone

By P Gosselin on 25. April 2023

Preach water, guzzle wine by the gallon.

That seems to be what Belgian EU Council President Charles Michel preaches to Europeans as they struggle to pay their ever increasing energy bills.

The Prince of Private Jets, climate hypocrisy. 700,000 euros of taxpayer money spent on private jet flights, some to climate conferences. EU Council President Charles Michel. Image: CC BY 2.0Wikipedia.

France’s Le Monde news daily reports on how EU Council President Charles Michel “spent a staggering 700,000 euros on private jet flights last year.”

Short city-hops “in true bourgeois style”

Germany’s online Pleiteticker here reacts: “For while he pleads for climate protection in Brussels, he himself flies for an unbelievable 700,000 euros by private jet, even the shortest distances, such as Brussels-Paris.”

“At least 700,000 euros are said to be spent on flights with private jets from the company ‘Luxaviation’ alone, Pleiteticker adds. “In true bourgeois style, he wants even more money next year for even more flights.”

More excerpts from Pleiteticker:

No, it is not only on long-distance trips to China that Michel treats himself to luxury flights on private jets. He also spares no expense on really very short distances within Europe.

Brussels to Paris (300 km)

“For example, from Brussels to Vienna to meet the Austrian Chancellor Karl Nehammer, round trip: 20,533 euros. Or from Brussels to Paris, the journey by train takes less than 90 minutes – Michel preferred to fly to the French capital for 37,500 euros. For the same sum, he also went to Berlin to see the German Chancellor Olaf Scholz in February 2022.”

Flight to climate summit

“This was followed by 5 flights to Strasbourg to the European Parliament (12,250 to 35,000 euros each), a flight to the climate summit (!) ‘COP27’ to Egypt together with Ursula von der Leyen, cost: 103,632 euros Return flight: 50,550 euros.”

Brussels to Beijing: €460,000!

“The absolute top of the spending madness, however, was the flight to Beijing for a meeting with Xi Jinping. The outward and return flight together cost an unbelievable 460,000 euros (!).”

 “More on one trip than some people do their whole lives”

“Hypocrisy and Bourgeoise” criticized Pleiteticker, especially in view that the EU has committed to becoming “climate neutral” by 2050.

“The fact that one then flies so insanely often and expensively and thus pollutes the climate more on one trip to China and back than some people do their whole lives is nothing but double standards and hypocrisy,” Pleiteticker comments further. “At times, it degenerates into the absurd: For example, Michel travelled to the climate summit by private jet or to the ‘One Ocean Summit’, a meeting for the protection of the oceans in Brest, France, by plane.”

Entire article at Pleiteticker.de