As the world is realising the extent of climate depletion governments and businesses all over the world are revamping their policies to limit the carbon emission at different levels. In terms of country-wise contributions to CO2 emissions, some nations rank above the others. To push the efforts further, the European Union has started the Carbon Border Tax.
This step was taken to solve the issue of Free riding, which is how many of the high Co2 e countries benefit. Sanctions like this will carry out international agreements on reducing emissions in a more meaningful way.
The European Green deal set the goal of making the continent carbon neutral by 2050. To facilitate it further, the European Parliament passed the Carbon Border Adjustment Mechanism. CBAM. Carbon intensive products which the EU imports will be checked thoroughly and thus prevent any excessive leakage. It will basically direct non-EU companies exporting to Europe to pay the settlement for their carbon footprint in Europe as the European companies.
To ease its implication, the CBAM will be levied in a phased manner and only on selected goods such as cement, iron and steel, fertilizer, electricity generation and aluminum.
Read the full story here: financial express
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