The European Union has launched a Europe-wide tax on Carbon in imported goods, making it the first time a carbon border tax has been tried at this scale. The Carbon Border Adjustment Mechanism (CBAM) is an import tax on carbon-intensive products and aims to level the playing field for high-emitting industries. Importers of goods covered by the CBAM will need to declare emissions from October 2023 to December 2025, and from 2026, they will have to buy CBAM certificates to cover embedded emissions. The EU's initiative is expected to incentivize other countries to launch their own carbon taxes.
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