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EU carbon border levy could hurt Asian developing countries, yet do little to cut emissions: ADB
India's key export industries such as steel could be hit by the EU’s Carbon Border Adjustment Mechanism, which are designed to make sure Europe’s decarbonisation efforts are not undermined by trade partners with weaker pollution standards.
This year's budget, which includes a S$5 billion energy fund and investment sweeteners for sustainability initiatives, is seen as one that will signal the future priorities for the city-state's new generation of leaders.
China is still providing support for electric vehicles, but the policies are shifting from carrot to stick.
The United States has committed to put "several millions of dollars" into the global fund to help climate-vulnerable nations, but maintains that contributions should be voluntary and have "nothing to do with compensation and liability".
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