European Commission: Carbon pricing is path to reducing carbon emissions

The path to achieving carbon emission reduction goals passes through carbon pricing, Xavier Vanden Bosch, a representative of the European Commission's Directorate-General for Taxation and Customs Union, said at an international conference on carbon pricing held in Baku, organized by the State Tax Service under the Ministry of Economy of Azerbaijan, Report informs.

According to Bosch, the European Union (EU) has adopted a number of bills and legal documents in this regard: "The EU plans to achieve the goal of reducing carbon emissions by up to 55% by 2030. We have many priority issues related to this. The path to achieving each goal passes through carbon pricing."

"We should also think about carbon leakage. To prevent this, the EU has developed an effective climate strategy. We need to implement this system and be open to changes so that all our goals are achievable. We have introduced the Carbon Border Adjustment Mechanism (CBAM), which helps the EU reach its climate neutrality target by 2050. CBAM is not intended to generate revenue," he noted.