EU's green agenda backfired on European manufacturers, benefited China - Russian deputy economic development minister

MOSCOW. Jan 24 (Interfax) - The EU will be forced to adjust its green agenda and the Carbon Border Adjustment Mechanism (CBAM), which have backfired on European manufacturers and have seen China emerge as the primary beneficiary, Deputy Economic Development Minister Vladimir Ilyichev said in an interview with Interfax.

The issue of certain countries, such as EU countries, using climate initiatives as a pretext for trade restrictions, including CBAM, is being raised at forums such as the UN Framework Convention on Climate Change (UNFCCC) and the World Trade Organization in Geneva, he said.

"We are raising these concerns to defend our position that climate goals are one thing, while what is being done through CBAM is pure trade restrictions. We will continue to defend this position, and our stance will only become firmer. One way or another, our colleagues, including those in BRICS, share this view," he said.

"In my opinion, this situation [with the EU's green agenda] will change, because as experience over the past few years has shown, the main beneficiary of this entire green agenda is not the EU, but an entirely different country - one of the BRICS nations," Ilyichev said.

"Just look at who is leading in the production of electric vehicles, batteries, solar panels, wind turbines and other things in the list," he said when asked if China was the primary beneficiary.

"Therefore, in my view, the original idea behind the green agenda - to ensure the EU's technological edge - has failed. Instead, it has backfired, and I believe that in the coming years, Europeans will be forced to take certain measures in response. Thus, the agenda will continue to evolve, but in a slightly different direction than our former Western partners had intended," Ilyichev said.