The EU Economic and Financial Affairs Council has announced that agreement has been reached on the proposed Carbon Border Adjustment Mechanism (CBAM) regulation during their meeting held on 15 March 2022. The CBAM was proposed by the European Commission in 2021 as part of proposals for the next generation of EU own resources. The objective of the carbon border adjustment mechanism is to reduce the risk of carbon leakage by encouraging producers in non-EU countries to green their production processes. It will essentially put a carbon price on imports corresponding to what would have been paid had the goods been produced in the EU.
Source Orbitax
