Europe's war on carbon goes global as border tax comes into play

But once it gets under way, the mechanism will be a key test on whether carbon pricing can be established around the world as part of efforts to limit global warming. Under the second phase, which kicks in from January 2026, companies will be required to pay a gradually phased-in levy in line with prices in the EU's carbon market. The benchmark EU emissions contract was at around £82 ($155) per metric tonne of carbon on Friday. Binding goal The idea of putting a price on emissions at the European border has been floated over the past two decades, but…