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Carbon Border Adjustment Mechanism
December 27 , 2022
571 days
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- European Union announced a historic reform within the bloc's carbon market.
- This reform serves as the central plank in the EU's ambitions to reduce carbon emissions and invest in climate-friendly technologies.
- The deal includes provisions such as accelerated emission cuts, phased out of free allowances to industries.
- The carbon border tax is the most unique initiative.
- It marks the world's first major step aimed at making the economy carbon-neutral by 2050.
- The Carbon Border Adjustment Mechanism (CBAM) is also known as the Carbon Border Tax.
- It adds pollution values to certain EU imports.
- This measure makes it necessary for carbon-intensive industries to adhere to stringent emission standards.
- Carbon Border Tax is a duty levied on imports based on the amount of carbon emissions.
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