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Browsing: Impact of EU carbon tax on Africa
- Africa stands to lose up to $25 billion annually due to the direct impact of the EU Carbon Border Tax Adjustment Mechanism.
- With Africa’s energy deficit and reliance mainly on fossil fuels, especially diesel, the implication is that Africa will be forced to export raw commodities again into Europe.
- New carbon tax could severely impede Africa’s progress by penalizing value-added exports in industries such as steel, cement, iron, aluminum, and fertilizers.
In a stark warning, African Development Bank (AfDB) Group President, Dr Akinwumi Adesina, has raised concerns about the potential ramifications of the new EU carbon border tax on Africa’s trade and industrialization efforts.
Dr Adesina says that this tax could severely impede Africa’s progress by penalizing value-added exports, specifically targeting crucial industries such as steel, cement, iron, aluminum, and fertilizers.
The imposition of carbon tax would have a profound impact on the continent’s ability to compete in the global …
