Brazil, South Africa, India, and China on Wednesday opposed the carbon border adjustment mechanism being proposed by the European Union at the ongoing United Nations Conference of Parties, or COP27, reported the Associated Press.
Under the carbon border adjustment mechanism, tariffs will be imposed on imports of carbon-intensive products effective from 2026. Carbon-intensive products are materials that release a large amount of carbon dioxide gas when used such as fossil fuels.
The four countries, known by the acronym BASIC, are large economies that are significantly dependent on coal, reported The Hindu. For several years, they have reiterated their right to use fossil fuel till they transition to clean energy sources.
In a joint statement on Wednesday, the countries that the carbon border tax could result in market distortion and aggravate the trust deficit.
They also expressed concern that developed countries were still not showing leadership or responding with a matching progression of effort. BASIC alleged that the developed countries had backtracked on finance and mitigation commitments and pledges.
There was also a significant increase in the consumption and production of fossil fuels in the past year by developed countries even as they continue to press developing countries to move away from these now-renewable resources, the statement said.
“Such double standards are incompatible with climate equity and justice,” said BASIC.