BASIC bloc concerned over "discriminatory" carbon taxes, climate finance gaps

illuminem summarizes for you the essential news of the day. Read the full piece on S&P Global or enjoy below:

🗞️ Driving the news: The BASIC bloc, comprising Brazil, South Africa, India, and China, expressed concern over the EU's Carbon Border Adjustment Mechanism (CBAM), labeling it "discriminatory" and highlighting a significant shortfall in climate finance commitments from developed nations ahead of COP29

🔭 The context: CBAM is a policy aimed at taxing carbon-intensive imports to the EU, affecting countries with lower carbon pricing mechanisms
• The BASIC bloc criticized this approach, emphasizing its negative impact on developing nations and the need for increased financial support from wealthier countries to meet global climate targets

🌍 Why it matters for the planet: This dispute underscores the growing divide between developed and developing countries on climate action responsibilities, particularly concerning fair trade practices and adequate financial support for climate initiatives

⏭️ What's next: As COP29 approaches, the call for a new global climate finance framework intensifies, with a focus on bridging the gap between developed and developing nations' commitments and realities

💬 One quote: "We are concerned over the inadequate and insufficient support provided by developed countries so far and urge them to close the gap in their climate finance commitments," stated the BASIC countries

📈 One stat: The BASIC countries, along with other developing nations, are pushing developed countries to meet their climate finance commitment of $100 billion annually, a goal which has not yet been fulfilled.

Click for more news covering the latest on carbon market