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EU launches first phase of world's carbon border tariff

The European Union (EU) has launched the first phase of the world's first system to impose CO2 emission tariffs on imported steel, cement and other goods to prevent more environmentally damaging foreign products from undermining the green transition.

EU launches first phase of world's carbon border tariff

The plan has caused controversy among trading partners, with figures such as China's top climate envoy Xie Zhenhua calling for unilateral measures not to be resorted to.

The EU plans to start collecting any CO2 emissions fees at the border by 2026. However, as of Sunday, EU importers will have to report greenhouse gas emissions generated during the production of imported products such as iron, steel, aluminium, cement, electricity and fertilizer. This marks the beginning of the first phase of the Carbon Border Adjustment Mechanism (CBAM).

From 2026, importers will have to buy certificates covering the CO2 emissions from foreign producers to bring them on par with EU industries. The move aims to encourage a worldwide transition to greener production and prevent European manufacturers from relocating to countries with lower environmental standards. It also aims to support the EU's targets to reduce net emissions by 55% compared to 1990 levels by 2030.

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