Last week, the European Union approved the world’s first Carbon Border Adjustment Mechanism (CBAM). Well, in name anyway.
The mechanism is a key aspect of the EU’s broader Fit for 55 package which aims to cut 55 percent of net greenhouse gas (GHG) emissions in the EU by 2030. It’s also a foundational aspect of the Commission’s new own resource proposal to fund EU budget initiatives.
Source Tax Foundation
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