Piyush Goyal criticizes EU climate finance and carbon tax policies

Indian Union Minister of Commerce and Industry Piyush Goyal has criticized the European Union and developed nations for failing to meet climate finance commitments and for implementing restrictive carbon regulations. Speaking at the Berlin Global Dialogue, Goyal noted that despite pledges made at previous summits, such as the $100 billion annual commitment to support developing nations, wealthy countries have yet to deliver significant financial or technological support to the Global South.

Goyal also warned that the EU’s Carbon Border Adjustment Mechanism (CBAM) and high import duties on materials like steel are “inviting disaster.” He argued that these regulations increase the cost of industrial materials, which could subsequently drive up the cost of living and inflate the expenses required for critical infrastructure projects, including ports, airports, and highways. Furthermore, he cautioned that such regulatory burdens could make European industries less competitive globally and trigger reciprocal measures from trading partners.