Goldman Sachs Report Terms EU’s CBAM as Great Risk Factor for Indian Steel Exporters, Predicts Levying of Heavy Carbon Tax
Carbon Border Adjustment Mechanism (CBAM): Goldman Sachs foresees Indian steel producers paying heavy carbon tax for export to Europe in 2026. Feb 22, 2024 The European Commission’s Carbon Border Adjustment Mechanism (CBAM), which will come into force as a permanent system on January 1, 2026, is likely to affect the Indian steel producers the most, […]
European Ports Attract Investors to the Gateway of Clean Energy
The hydrogen plants located in Rotterdam would be linked to refineries at the port via a pipeline network which would be worth nearly EUR 1.5 billion. The EU is planning to finance EUR 16 billion for hydrogen-related projects and will award another EUR 5 billion in aid to key cross-border initiatives around November. Sep 03, […]
EU Contemplates to Ban Russian Gas Imports
EU might ban gas imports from Russia by the end of 2023. Russia earns USD 15-25 billion annually from its gas exports. Its currently active exports to Europe are primarily undertaken through transit routes via Ukraine and TurkStream. Jun 15, 2023 The European Union (EU) might ban imports from Russia’s gas pipeline by the end […]
European Union Signs CBAM Regulation for Carbon-Intensive Imports Management
The co-legislators of the European Union have signed the Carbon Border Adjustment Mechanism (CBAM) Regulation to fight against carbon-intensive imports. The CBAM, which will be implemented in a transitional phase starting from 1 October 2023, plans to assign a fair price to the carbon emissions associated with the production of carbon-intensive goods entering the EU. […]
thyssenkrupp Steel Grants Euro 1.8 Billion Contract for Direct Reduction Plant to SMS Group
Germany-based steel producer thyssenkrupp Steel placed an order worth over Euro 1.8 billion with SMS group for construction of the first direct reduction plant as part of the tkH2Steel transformation concept. The plant will have a capacity of 2.5 million tonnes of directly reduced iron, and is scheduled to be completed by late 2026. The […]
Germany joins Spain, Portugal and France in EUR 2.5 billion H2Med Mediterranean Hydrogen Pipeline Project
Germany has joined the Mediterranean Hydrogen pipeline project, named H2Med, with existing member countries Spain, Portugal and France. The pipeline, to be constructed under the Mediterranean Sea, is expected to supply about 10% of the European Union’s hydrogen demand and is proposed to be completed in 2030. Previously, the estimated budget of the project was […]
