BRUSSELS, Oct 1 — The European Union launched today the first phase of the world’s first system to impose CO2 emissions tariffs on imported steel, cement and other goods as it...
BRUSSELS, Oct 1 — The European Union launched today the first phase of the world’s first system to impose CO2 emissions tariffs on imported steel, cement and other goods as it tries to stop more polluting foreign products from undermining its green transition.
Importers will from 2026 need to purchase certificates to cover these CO2 emissions to put foreign producers on a level footing with EU industries that must buy permits from the EU carbon market when they pollute. It is also meant to prevent them from losing out to foreign competitors while they invest to contribute to meeting EU targets to cut the bloc’s net emissions by 55 per cent by 2030 from 1990 levels.
The European Commission says the border levy is in line with World Trade Organization rules in that it treats foreign and domestic firms alike and allows deductions from the border fees for any carbon prices already paid abroad.
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