The European Union launched on Sunday the first phase of the world’s first system to impose CO2 emissions tariffs on imported steel, cement and other goods as it tries to stop more polluting foreign products from undermining its green transition.
Sunday, however, marks the start of an initial phase of the Carbon Border Adjustment Mechanism (CBAM) when EU importers will have to report the greenhouse gas emissions embedded during the production of imported volumes of iron and steel, aluminium, cement, electricity, fertilisers and hydrogen.
Source: Reuters
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