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Union Minister Piyush Goyal strongly opposed the European Union's (EU) green economy regulations, stating that they are unfair and violate the principle of "Common but Differentiated Responsibilities" (CBDR).
Addressing a press conference on Thursday in Delhi, Goyal criticized the EU's Carbon Border Adjustment Mechanism (CBAM) and EU Deforestation Regulation (EUDR), which he said could adversely impact Indian exporters. "I strongly raised this issue with my French counterpart and did express India's deep disappointment on the unilateral regulations and many new regulations that the European Union has come out with, which are not acceptable to anybody in the world," Goyal said. He further emphasized the lack of financial and technological support from developed countries, which are the primary polluters. "The Common but Differentiated Responsibilities, CBDR, will be the guiding principle in our transition to a clean energy world or a net zero world, a more sustainable world. I also highlighted the lack of financial and technological support from the developed countries, who are the polluters in the first place, not India," he said. As per European Union's CBAM, it will impose carbon costs on imported goods like steel, aluminium, cement, fertilizers, electricity, and hydrogen. This measure aims to prevent "carbon leakage," ensuring companies cannot relocate production to nations with lenient emission rules. Indian exporters, especially those in steel and aluminium, may face challenges in meeting these stringent norms. Small and medium enterprises (SMEs) could find it particularly difficult due to limited resources for adopting cleaner technologies. The EUDR, on the other hand, mandates that commodities like soy, palm oil, coffee, cocoa, timber, and rubber exported to the EU must prove they are deforestation-free. This includes detailed traceability requirements and certifications, increasing compliance costs for Indian exporters of agricultural and forestry products. "These regulations are still in the reporting stage and have not yet been applied to Indian exports," Goyal clarified. The minister's remarks highlight India's proactive stance on safeguarding its trade interests while addressing global sustainability goals. (ANI)
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