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The Democrats Border Carbon Adjustment Proposal | Akin Gump Strauss Hauer & Feld LLP

[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

Ministers have renewed common mission for climate action, but more work to do says COP26 President

Date Time Share Alok Sharma welcomes constructive discussions after 50+ countries came together ahead of COP26 Ministers made progress on key issues, such as the need to scale up efforts to adapt to climate risks and for action to keep the 1.5C goal alive Canada and Germany to lead roadmap on mobilising $100bn a year in climate finance Climate ministers have taken a step forward towards a successful COP26, as a constructive meeting in London concluded with countries coming closer together on key issues such as actions to keep the 1.5C goal alive, adaptation finance and concluding the Paris rulebook. At the two-day ministerial, convened by COP26 President-Designate Alok Sharma to discuss critical negotiating issues and climate actions ahead of COP26, ministers from around the world sketched the outline of the Glasgow summit outcome and agreed collaborative ways forward to reach it.

Canada, Germany to lead roadmap in mobilising climate finance

Canada, Germany to lead roadmap in mobilising climate finance
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