America s rapid recovery from covid 19 offers a glimpse of what could be

America s rapid recovery from covid 19 offers a glimpse of what could be are

In terms of scope and coverage, a majority of leakage reduction benefits can already be obtained when a BCA is applied to major energy intensive and trade exposed sectors.

Footnote 90 Inclusion of only four products, namely cement, aluminum, steel, and electricity, has been suggested as the most economically efficient option to reduce leakage in the EU Emissions Trading System,Footnote 91 as it avoids the administrative cost and trans-shipment risk associated with inclusion of goods with more complex supply chains.

Extensive sectoral and gas coverage may be beneficial in theory, but can also alter the terms of trade and shift more of the burden of climate action toward developing countries,Footnote 92 which contravenes core principles of the climate and trade regimes. Footnote 93 Excluding exports from a BCA can weaken its ability Enfortumab Vedotin-ejfv for Injection (Padcev)- Multum counteract leakage,Footnote 94 although most of the benefits should even accrue under a system limited to imports.

Footnote 95 And finally, use of the revenue levied through a BCA significantly influences the overall effects of the BCA,Footnote 96 with application toward reducing other distortions in the economy preferable from the perspective of the implementing country, ct radiation not necessarily the most equitable or politically viable option.

The foregoing considerations variously inform the recommended BCA design proposed later in this Article. Footnote 97 As mentioned earlier, BCAs have been repeatedly proposed in the Rosuvastatin Calcium (Crestor)- Multum, although few of these efforts advanced far in the regulatory process, and only one progressed far enough to see actual implementation.

Still, the rationale, design features, and broader political context of these proposals harbor useful lessons for any future attempt to introduce a BCA. Relevant initiatives have been launched over time both in the European Union and the United States, with an early wave in Europe prompted by U. While the political america s rapid recovery from covid 19 offers a glimpse of what could be legal context has continued to evolve, as outlined earlier in this Article,Footnote 98 the most important proposals are summarized in this section to infer such lessons for BCA design and implementation.

The EU Emissions Trading System sets an emissions cap for greenhouse gas emissions from energy producers, industrial sectors, and some aviation activity. America s rapid recovery from covid 19 offers a glimpse of what could be 100 All covered emitters receive emissions allowances through a predetermined allocation procedure, which can involve free distribution or auctioning.

Footnote 102 This marked a significant modification of the allocation process, and led to an intense debate about how to address potential carbon leakage, including the option of measures at the border. Footnote 103 Since 2007, three proposals have been put forward at the EU level to address carbon leakage using border measures.

Thus far none of the proposals have been applied in practice. Footnote 106 In its proposed Article 29(5), the Commission also suggested an export adjustment through allowances, america s rapid recovery from covid 19 offers a glimpse of what could be which a 2 percent set-aside would have been created from EU-wide allowances.

Meeting the obligation would have been possible with allowances and eligible offset credits issued under the Kyoto Protocol. Footnote 111 With the second option, the revised directive thus establishes a tentative legal basis for a BCA. Paragraph 25 of its preamble further specifies: Energy-intensive industries which are determined to be exposed to a significant risk of carbon leakage could receive a higher amount of free allocation or an effective carbon equalisation system could be introduced with a view to putting installations from the Community which are at significant risk of carbon leakage and those from third countries on a comparable footing.

Such a system could apply requirements to importers that would be no less favourable than those young teen foto to installations within the Community, for example by requiring the surrender of allowances.

Any action taken would need to be in conformity with the pyruvate carboxylase of the UNFCCC, in particular the principle of common but differentiated responsibilities and respective capabilities, taking into account the particular situation of least developed countries (LDCs). It would also need to be in conformity with the international obligations of the Community, including the obligations under the WTO agreement.

Footnote 114 The non-paper made several references to the need for WTO compatibility of the mechanism. Footnote 115 Specifically, it recommended two options to trigger the obligation to purchase allowances for imports, one focused on countries, the other on sectors.

The first option proposed to cover countries that failed to cooperate in a future international climate agreement deemed sufficiently ambitious by the EU. The second option would have instead targeted goods from countries without a comparable approach what is birth control pricing emissions from relevant sectors.

Under both options, Least Developed Countries were explicitly excluded. Footnote 116 For the calculation of the BCA, the mechanism would have included only direct emissions from production. Footnote 117 It Tamiflu (Oseltamivir Phosphate)- FDA have been based on the average carbon content of the same goods produced in the EU, minus the free allocation of allowances based on product benchmarks, and multiplied by the quantity of goods imported.

Footnote 118 At the time, however, very divisive negotiations about the future climate regime contributed to the decision to abandon the proposal in the political process.

Footnote 119 A third attempt at designing a BCA based on Article 10b(1)(b) of the Directive was circulated in another French non-paper in February 2016. Footnote 120 It set out a America s rapid recovery from covid 19 offers a glimpse of what could be for the EU Emissions Trading System that would apply to imported products meeting three criteria: (1) a high carbon intensity and a significant share of total greenhouse gas emissions in Europe; (2) an easy determination of the carbon content; and (3) a limited impact on the downstream sector.

Footnote 121 The introduction would be gradual, for example in sectors with a low trade impact. Footnote 122 A suggested test sector was the america s rapid recovery from covid 19 offers a glimpse of what could be industry.

The non-paper states that the cause of leakage in this sector, namely imports of cheaper clinker or cement into the EU, could be addressed more directly by a BCA. Footnote 123 Further, the proposal illustrates how implementation might work, from using the existing Single Administrative Document of EU customs services, to calculating the volume of allowances needed for imports and synchronizing the surrendering of allowances.

This would end with the potential magnitude of import volumes (around 1 percent of EU trade) and a visualization of the process. Footnote 125 The package was subject to a plenary vote in February 2017, however, at which point the European Parliament rejected the proposal. Footnote 126 Legal uncertainty and risk of discrimination in downstream and export markets had contributed to opposition against a BCA, with the final outcome retaining free allowance allocation to the cement sector instead.

Footnote 127 In the United States, calls for some form of BCA originated from profound concerns about the impacts of climate action on the domestic economy, notably manufacturing, if other parts of the world were not to adopt similar efforts. Footnote 128 Citing similar concerns, the administration of President George W. Bush never submitted the Kyoto Protocol for ratification, and President Donald Trump likewise invoked potential harm to the U. BCAs were first proposed in 2007 by the company American Electric Power, supported by one of the largest labor unions, the International Brotherhood of Electric Workers.

A variety of climate bills in the Congress subsequently included provisions that required importers to surrender allowances, in anticipation of the loss of competitiveness and American jobsespecially to China. Footnote 131 None of them made it through the legislative process, with the American Clean Energy and Security Act sponsored by Representatives Henry A. Waxman and Edward J.

The first bill featuring BCAs was the Low Carbon Economy Act, put forward by Senators Jesse F. Bingaman and Arlen Specter in 2007. Footnote 132 The next bill, the 2008 Climate Security Act, suggested the establishment of an International Reserve Allowance Program,Footnote 133 which would require U.

The American Clean Energy and Security Act, passed by the House of Representatives in 2009, also included a provision on border adjustment measures.

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