EU launches first phase of world’s first carbon border tariff

News Snapshot:

The European Union inaugurated the first phase of the world’s first system of imposing CO2 emissions levies on imported steel, cement, and other commodities on Sunday, in an effort to prevent more polluting foreign items from undercutting its green transition. The anticipated tax has alarmed trading partners, and at a recent meeting, China’s top climate envoy, Xie Zhenhua, warned countries not to resort to unilateral measures like the EU fee. The EU will not start collecting CO2 emissions taxes at the border until 2026. However, on Sunday, the first phase of the Carbon Border Adjustment Mechanism (CBAM) will begin, with...