India is working on ways to manage potential losses on its European imports as the EU Carbon Border Adjustment Mechanism (CBAM) (or carbon border tax) has already become effective. The nation plans to ask the EU for concessions that will help align its planned national carbon market with the bloc’s emissions trading system. The proposals the Indian government wants to make to the EU include a tax exemption for small- and medium-sized enterprises, enabling credits generated by a local fossil fuel tax to be regarded as equal to Europe’s emissions allowances, and Brussels recognizing Indian-accredited energy auditors.

Source: carbonherald