Brussels has admitted that the EU’s world-first carbon border tax was “too broad” and “too clunky” as it set out plans to close loopholes before it comes into force next month.
The carbon border adjustment mechanism (CBAM) is meant to level the playing field between EU companies paying high carbon and energy prices and cheaper, “dirtier” products imported from countries with no emissions costs.
The measure, which covers imports into the EU of steel, aluminium, cement, fertilisers, electricity and hydrogen, has drawn strong opposition from the bloc’s key trading partners including China, India and Brazil.
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