Putin Says EU's Unilateral Carbon Regulations To Result In Rising Energy Prices

Russian President Vladimir Putin warned on Wednesday that unilateral decisions on carbon regulation by the European Union will result in surging prices

MOSCOW (UrduPoint News / Sputnik - 13th October, 2021) Russian President Vladimir Putin warned on Wednesday that unilateral decisions on carbon regulation by the European Union will result in surging prices.

In July, the European Commission proposed a carbon tax on foreign businesses whose production leads to greenhouse gas emissions.

"What we are now seeing and hearing in the European Union regarding the carbon tax is causing some concerns because if the decisions are made unilaterally, if we see that it is an instrument of unethical competition, then, in such a case, the result will be similar to what is going on right now, I think.

The prices will simply go up and that is that," Putin told the Russian Energy Week.

The president stressed that Russia has a natural competitive edge since it possesses various types of carbon resources.

The EU is working to diversify its energy sources, including renewables. In 2019, the Commission adopted the so-called European Green Deal, which aims to cut carbon emissions and build a resource-efficient and eco-friendly economy.