WASHINGTON (Pakistan Point News / Sputnik - 02nd March, 2021) The Biden administration will consider imposing carbon border adjustment taxes to fight climate change, a report released by the US Trade Representative (USTR) revealed on Monday.
"The Biden Administration will work with allies and partners that are committed to fighting climate change," the report said. "As appropriate, and consistent with domestic approaches to reduce US greenhouse gas emissions, this includes consideration of carbon border adjustments."
The plans were included in the Biden administration's 2021 Trade Agenda and 2020 Annual Report to Congress.
The report said these policies will include exploring and developing market and regulatory approaches to address greenhouse gas emissions in the global trading system, the report explained.
"The trade agenda will support the Biden Administration's comprehensive vision of reducing greenhouse gas emissions and achieving net-zero global emissions by 2050, or before, by fostering US innovation and production of climate-related technology and promoting resilient renewable energy supply chains," the report said.
The Biden administration will also work with allies as they develop their own approaches and act against trading partners that fail to meet their environmental obligations under existing trade agreements, the report noted.
