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Trade partners call plan discriminatory and domestic industries fear losing out
The European Union's ambitious carbon border tax scheme introduced recently has raised serious concerns from its trade partners and industries.
On July 14 the European Commission announced plans for a Carbon Border Adjustment Mechanism, or CBAM, which will take effect in 2026, first targeting the iron, steel, cement, aluminum, fertilizer and electricity industries.
The European Commissioner for Economy Paolo Gentiloni said the mechanism was being introduced "to address the risk of carbon leakage, which can undermine our efforts when production is moved elsewhere to avoid EU carbon pricing".
Source: China Daily
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