The New American By James Murphy
Negotiators in Brussels worked well into the night on Tuesday in order to codify a new carbon-dioxide emissions tariff on imported goods that climate alarmists contend are heating the planet. Among the goods set to be targeted for the new “carbon tax” are iron, steel, cement, fertilizers, aluminum and electricity.
Dubbed the Carbon Border Adjustment Mechanism (CBAM), the new taxation mechanism was hailed as “the first of its kind” by the European Parliament. The EU is seeking to make the “polluter pay” for emissions they create when making their products for European consumption.
The CBAM will be extended to include “hydrogen, indirect emissions under certain conditions, certain precursors as well as to some downstream products such as screws and bolts and similar articles of iron or steel.”
Implementation of the new rules will begin in October of 2023 with a transition period expected to run until 2027. Eventually, the goal is to include all imported goods in the taxation scheme by 2030.
EU to Tax Imports That Contribute to “Carbonization” – The New American
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