Burning ambition: The price of tackling climate change
09.07.2019 11:01 - Schroder Investment Management (Switzerland) AG (LUX & CH)
Europe wants to become a zero-emissions economy by 2050. To remain competitive, new green border taxes may be inevitable.
Many European countries, and the European Union (EU) itself, have set themselves ambitious targets to achieve a zero-emissions economy by 2050. To maintain a level playing field when trading with other countries around the world (particularly those with lower environmental regulations), it seems inevitable that the EU will have to impose new green border taxes in order to achieve this target.
The EU has always been at the forefront in the battle to tackle climate change. It pioneered the first major carbon emissions cap and carbon trading scheme and European countries such as Germany, Italy and Spain did most to support the early development of a solar power industry. The EU has also consistently set the most ambitious targets for reducing overall emissions among major industrialised economies.
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