EU begins the first phase of world’s first carbon border tariff
October 24, 2023
In a move to supposedly control the entry of polluting products from undermining its green transition, the European Union (EU) launched the first phase of the world’s first system to impose carbon emission tariffs on various products such as imported steel, cement and other goods. From 2026, the importers will need to purchase certificates to cover these CO2 emissions to put foreign producers on a level-footing with EU industries that must buy permits from the EU carbon market when they pollute.
(Source: Reuters)
