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Reproduced from Energy Institute at HAAS; Chart: Axios Visuals

A new working paper finds that trade barriers worldwide are generally lower for carbon-intensive goods than cleaner products, creating a large "implicit subsidy to CO2 emissions."

Why it matters: UC Berkeley economist Joseph Shapiro pegs this "subsidy" at $550 billion to $800 billion annually, making it harder to fight climate change.

How it works: The paper explores tariffs (shown above) and other import penalties on a vast array of goods.

  • Penalties are generally lower on "dirtier" sectors — think metals and petrochemicals for instance — used as manufacturing inputs for consumer goods.
  • Shapiro concludes that ending the trade restriction imbalance between "dirty" and "clean" industries would help curb emissions.

The bottom line: "The resulting change in global CO2 emissions has similar magnitude to the estimated effects of some of the world’s largest actual or proposed climate change policies," Shapiro writes.

Why you'll hear about this again: The EU is planning "carbon border adjustments" to keep domestic industries from being undercut by competitors in nations without climate policies.

  • Plus, White House hopeful Joe Biden's platform vows "fees or quotas on carbon-intensive goods from countries that are failing to meet their climate and environmental obligations."

Go deeper

Ben Geman, author of Generate
Aug 6, 2020 - Energy & Environment

Filibuster and Obama fossil fuel ties could slow Biden's climate ambitions

Photo: Mark Makela/Getty Images

Two new stories, taken together, highlight the political push-pull around Joe Biden's climate and energy plans.

Driving the news: Bloomberg reported on Wednesday that some left activists "want Biden to distance himself from former Obama administration advisers they view as either too moderate or too cozy with the fossil fuel industry."

A city's catharsis

A view outside the Hennepin County Courthouse after yesterday's verdict. Photo: Stephen Maturen/Getty Images

Celebration and catharsis filled the streets of Minneapolis yesterday. After weeks on edge, many breathed a sigh of relief upon hearing Judge Peter Cahill read the sweep of guilty verdicts against Derek Chauvin.

What they're saying: "George Floyd isn't coming back to life, but this is the justice we were looking for," Jaqui Howard, who joined the crowds outside the courthouse yesterday, told The Star Tribune.

What to expect from Derek Chauvin's sentencing

Screenshot via CNN

Derek Chauvin was whisked away to prison after after two weeks of testimony and about 10 hours of jury deliberations, but his sentencing will move much slower — about eight weeks.

What's next: There's still plenty of wrangling left over how much time the former Minneapolis cop will spend behind bars.