Investors caution firms on EU climate lobbying

Cement and steel companies are being warned by investors over their lobbying on planned European Union carbon costs, saying they are effectively asking to be compensated twice over. A review of public consultation responses shows lobbyists want the EU to maintain an existing scheme to support firms with carbon credits at the same time as it introduces a new carbon border tax to shield them from outside rivals. Manufacturers of cement and steel contacted said such concerns were misplaced and they are fully committed to the EU's goal to decarbonise its economy by 2050.