The European Union (EU) has commenced the first phase of the world’s first carbon border tariff. The measure is intended to protect EU industries from competitors in countries with lower environmental regulations.
Under the new regulation, imports of steel, aluminium and cement from countries with less stringent environmental rules will face extra costs. This is the EU’s approach to prompt foreign firms to go green.
The implementation starts in 2023, with full operation expected by 2026. The move is seen as a major step in the global efforts to combat climate change and its potentially devastating effects on the economy.
Read source article here:
https://www.reuters.com/business/environment/eu-launches-first-phase-worlds-first-carbon-border-tariff-2023-09-30/
