The European Union (EU) is set to commence the initial phase of its groundbreaking plan for the world's first carbon border tax next month Under this plan, importers will be required to disclose the carbon dioxide (CO2) emissions associated with products sold into Europe, such as steel and cement Failure to comply may result in financial penalties The primary objective of this new regime is to safeguard domestic EU industries from being undermined by foreign competitors that have higher levels of pollution The EU aims to achieve this while simultaneously encouraging investment in emission reduction
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Source and Credit: miningweekly.com
