The EU’s landmark carbon border tax will come into force on January 1 despite fierce opposition from trading partners and warnings from European industry that it will increase costs and red tape.
The carbon border adjustment mechanism (CBAM), which covers six sectors including steel, cement, aluminium and electricity, is intended to prevent EU companies that have to pay for their emissions being undercut by cheaper, more heavily polluting competition.
The European Commission published earlier this month details of how much importers were likely to have to pay. The levy is linked to the bloc’s own emissions trading system and will be brought in as emission allowances that have supported the bloc’s industry are phased out before 2034.
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