The President of the African Development Bank has asserted that African countries should be exempt from the European Union’s plan to impose a carbon tax on certain imports. According to him, the cost of the levy for the continent could be as high as $25 billion per year.
The European Union’s Carbon Border Adjustment Mechanism (CBAM), scheduled to take effect in 2026, involves taxing imports of cement, iron, steel, aluminum, and fertilizers from countries with less stringent carbon emissions regulations.
Oge Obierika reports.
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