The European Union and China have put forward far-reaching plans to limit greenhouse gas emissions that will increase costs for industry and consumers, despite environmentalists criticizing them for not going far enough to slow climate change.
The steps, which have long been debated and months or years away from full implementation, show a new urgency to regulate emissions in two of the world’s largest economies. They are coming because the Biden government is promising its own brave initiatives but is facing major obstacles in Congress.
Beijing and Brussels are also acting in the lead up to the next World Climate Conference, scheduled for November in Glasgow, Scotland, where the world’s greatest powers hope to develop new initiatives to limit emissions.
The EU on Wednesday proposed a major economic overhaul that would drastically reduce the bloc’s dependence on fossil fuels and impose the first of its kind on imports from high-emission countries.
The import tax plan, which has been in the works for months, has already been condemned by the bloc’s trading partners in developing countries and given companies an extra boost to review emissions in global supply chains.