The Carbon Border Adjustment Mechanism's details, which are the world’s largest carbon border tax, were announced by the EU, but it still needs formal approval from the European Council and Parliament.
As part of an overhaul of the bloc's centerpiece carbon market that seeks to make its economy carbon-neutral by 2050, the countries of the European Union have struck a deal on the world's first major carbon border tax.
After coming to a temporary agreement earlier in the week, EU ministers worked early on Sunday to complete the Carbon Border Adjustment Mechanism's details.
The ground-breaking policy increases the price of pollution on some goods into the European Union. The levy is intended to prevent competitors from nations with laxer regulations from undermining the bloc's carbon-intensive industries, which are required to adhere to strict emissions standards.
Prior to being applied to other goods, the legislation will first apply to iron and steel, cement, aluminum, ...
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