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World’s first carbon border Tax
July 23 , 2021
1134 days
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- The European Union unveiled a proposal to levy the world's first carbon border tax by 2026.
- It will see a cost placed on carbon emissions through a carbon border adjustment mechanism (CBAM).
- The mechanism will impose a tax linked to carbon prices on an array of products such as imported steel, aluminium, fertiliser and cement.
- The policy is aimed at companies not countries
- But it has triggered a sharp response from its trading partners, mainly Russia.
- Russia is Europe’s biggest supplier of carbon-intensive products including coal, oil, rolled steel and aluminium.
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