On July 14, 2021, the European Commission adopted a package of proposals including a proposal for a Carbon Border Adjustment Mechanism (CBAM). The CBAM proposal is a key element of the European Green Deal (Green Deal), which sets an ambitious goal for the European Union (EU) to reduce greenhouse gas emissions by at least 55% by 2030 compared to 1990 levels, and to make Europe a climate-neutral continent by 2050.
Businesses in Russia, Turkey, China, and the United Kingdom are expected to be impacted the most by the new legislation, since they are the largest suppliers of products covered by the CBAM to the EU.
Source gtlawinfo
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