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EU’s carbon border tax
May 14 , 2023
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- The 27-member European Union will bring another ambitious and first-of-its-kind policy, the Carbon Border Adjustment Mechanism (CBAM).
- It is aimed at levelling the playing field for EU and non-EU manufacturers and spurring trading partners to adopt carbon pricing regimes as a critical approach to the climate fight.
- European Parliament lawmakers reached a political deal on the carbon border tax in December last year.
- But India, along with China, Brazil, and South Africa opposed the plan at the 27th edition of the Conference of Parties (COP27) climate summit in Sharm El Sheikh.
- The CBAM plans to impose a tariff on a set of carbon-intensive imports.
- It will have to be paid by EU importers and companies who export such goods to EU countries.
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