trending Market Intelligence /marketintelligence/en/news-insights/trending/lHCtUpiaK7LDHjJLRwl-PA2 content esgSubNav
In This List

Spain proposes EU carbon tax on power imports

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Insight Weekly: Cryptocurrency's growth; green bond market outlook; coal investors' windfall

Blog

Insight Weekly: Challenges for European banks; Japan's IPO slowdown; carmakers' supply woes

Blog

Q4’21 US Power Forecast: Will high commodity prices accelerate the energy transition?


Spain proposes EU carbon tax on power imports

Spain's Energy Minister Teresa Ribera and Budget Minister Maria Jesus Montero sent a letter proposing that the European Union impose a carbon tax on power imports to protect the bloc's interests and to help pursue environmental targets, Reuters reported May 27.

In the letter, the Spanish ministers said a carbon border tax would fit within traditional EU approaches similar to custom duties, and that such an approach would help Europe reinforce its industrial policy, according to Reuters, which saw a copy of the letter.

According to Spanish daily newspaper El Pais the proposed carbon tax is meant to limit power imports from Morocco, though the ministers made no mention of any specific country.

Spanish acting Prime Minister Pedro Sanchez reportedly wants to increase Spain's involvement in EU decision making, particularly with regard to climate change. Sanchez's Socialist Party won the general elections and is trying to form a new government.

The European Union aims to cut carbon dioxide emissions 40% below 1990 levels by 2030, Reuters said.