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Belarus draws up plan to mitigate economic impact of EU carbon border tax

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MINSK, 18 May (BelTA) – Belarus is designing a plan to mitigate the impact of the EU carbon border tax on the country’s economy, BelTA learned from Natalya Inchina, the head of the directorate for regulating effects on atmospheric air, climate change and expertise of the Belarusian Natural Resources and Environmental Protection Ministry.

“This is a completely new topic for Belarus that has come into prominence recently, after the European Union adopted the resolution backing the introduction of a carbon border adjustment mechanism in March. The EU has not unveiled the final mechanism to regulate high-carbon imports yet, but the European Parliament has already voted for the introduction of a carbon border tax. The tax will be imposed on all goods imported in the EU. This tax will affect the energy sector, power-consuming industries that make, for example, cement, steel, paper, cardboard, aluminum, and the oil refining industry,” Natalya Inchina explained.

According to her, Russia has calculated the country’s estimated economic losses due to this tax, which amounted to around €7 billion a year. “In view of this, countries across the world, Belarus included, are taking certain steps. We have set up an interdepartmental working group to draft the plan to reduce the carbon intensity of Belarus’ economic sectors. Our directorate is coordinating activities of this working group that brings together several ministries and regional executive committees,” Natalya Inchina said.

“We have almost finished harmonizing the action plan to mitigate the impact of the EU carbon border tax on Belarus’ economy with all stakeholders. Next week, we will submit the draft plan to the government and will start executing it soon after,” she added.

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