EU’s Top Science Advisor: CBAM Revenue Should Fund Emissions Reduction in Exporting Countries
Vienna, Austria – Nebojsa Nakicenovic,Vice-Chair of the European Commission’s Chief Scientific Advisors Group, has expressed his belief that the revenue generated by the Carbon Border Adjustment Mechanism (CBAM)should be used to support emissions reduction efforts in exporting countries.
Nakicenovic, a renowned climate change expert with over 50 years of research experience, haswitnessed firsthand the impacts of climate change, from rising temperatures and melting glaciers in the Alps to unprecedented floods in Central Europe. He emphasizes the need for global cooperation and a new social contract to address the climate crisis.
We have the means to achievenet-zero emissions, and we know what needs to be done, Nakicenovic said in an exclusive interview with Southern Weekly. Our experience shows that investing in small-scale, incremental technologies has enormous potential for improvement and cost reduction.
The CBAM, scheduled to be fully implemented in 2026, aims to prevent carbon leakage by imposing a carbon tax on high-carbon products imported into the EU, such as steel and cement. While the mechanism has garnered support for its potential to level the playing field for European industries, it hasalso faced criticism, with many arguing that the revenue generated should be returned to exporting countries to incentivize their own emissions reduction efforts.
Nakicenovic shares this view, stating that the CBAM revenue should be used to improve technology or subsidize the public, positively impacting carbon emissions reduction for exporting countries and theircitizens. Otherwise, it could be a trade barrier without economic sense.
He further emphasizes the importance of a new social contract, a shared understanding of responsibilities and actions needed to address climate change. This doesn’t necessarily have to be written law, but rather an implicit knowledge of how we interact with each other, how society functions, he explained.
Nakicenovic has been a leading figure in the global climate change community, contributing to all five assessment reports of the Intergovernmental Panel on Climate Change (IPCC). He has advised numerous intergovernmental organizations and think tanks, including the United Nations. His insights and experience provide valuable perspectives on the challengesand opportunities presented by climate change, particularly in the context of international cooperation and policy development.
As the world prepares for the 29th Conference of the Parties (COP29) in late 2024, Nakicenovic’s call for a more equitable and effective approach to carbon pricing mechanisms like the CBAMis a timely reminder of the need for global collaboration and shared responsibility in tackling the climate crisis.
References:
- Southern Weekly
- Intergovernmental Panel on Climate Change
- International Institute for Applied Systems Analysis (IIASA)
Note: This article is based on the provided information and incorporates the writing tips provided. It aims topresent a balanced perspective on the CBAM and its potential implications for global climate action.
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