[co-author: Gabriel Harrison]
On Monday, July 19, 2021, Sen. Chris Coons (D-DE) and Rep. Scott Peters (D-CA-52) introduced The FAIR Transition and Competition Act of 2021 (S. 2378). The bill would, among other things, amend the Internal Revenue Code of 1986, as amended, by establishing a Border Carbon Adjustment (BCA). As proposed, the BCA may be likened to a value-added tax (VAT) and is intended to address the phenomenon known as “carbon leakage,” wherein market actors attempt to avoid the cost of greenhouse gas regulations by sourcing products from less regulated jurisdictions. Proponents of border tax adjustments argue that they level the playing field for manufacturers in the United States whose emissions are subject to regulation
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Fit for 55: Reshaping global climate leadership and transatlantic cooperation EnergySource by The Global Energy Center
Facade of the European Parliament Paul Henri-Spaak building in Brussels, Belgium (Guillaume Périgois/Unsplash)
On July 14, 2021, the European Union (EU) took another major step towards climate neutrality by rolling out a massive roadmap that provides a legislative backbone for the European Green Deal. The Fit for 55 package includes climate, energy, land use, transport, and taxation policies aimed at reducing greenhouse gas emissions 55 percent by 2030, compared to 1990 levels. Will the package push global leaders to turn climate goals into action or will complex negotiations between the 27 EU member states and the European Parliament derail the EU’s efforts to lead on the energy transition? In this rapid response piece, Global Energy Center experts analyze the highlights and implications of the Fit for 55 package.
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