India has declared the year 2070 as the year of carbon neutrality. This means that by the year 2070, India will absorb as much carbon as it emits. The European Union has declared 2050 as the year of carbon neutrality.
In July 2021, the countries of the European Union have entered into a green agreement. This will lead to the creation of a clean and resource rich, modern, efficient, competitive ecology.
Fit for 55 package
European Union countries have set a target of reducing carbon emissions by 55 percent by 2030.
Carbon limit adjustment mechanism
The European Union has decided that it will levy carbon import duties on those goods that have produced more carbon emissions than European countries in the making of the like article. This will protect those domestic products which have adopted environment friendly process during product manufacturing.
Interests of developing countries
However, developing countries have objected to the carbon limit adjustment mechanism implemented by Europe. They say that this mechanism is against the rules of the World Trade Organization, United Nations Climate Change Framework. They also believe that this will promote protectionism in Europe.
Although the WTO always gives priority to the environment over such demands. The EU’s assertion that it will develop its economy from carbon import tariffs is controversial and contrary to climate justice.
India is the third largest trading partner of the European Union while the European Union is the 11th largest trading partner of India. Trade between India and Europe in the year 2019-20 is $ 63.8 billion. India makes 14 per cent of its total exports to Europe. What is needed now is that India learns from the work done in the green areas of Europe. Take advantage of their experience as well. Benefit from India, Europe in the field of green energy. It will also pave the way for a common global fight against climate change.