Carbon Border Adjustment Mechanism
The Carbon Border Adjustment Mechanism (CBAM) is a climate policy instrument of the European Union, proposed by the European Commission as part of the European Green Deal. It imposes a carbon price on imports of certain goods based on their embedded emissions, in order to address carbon leakage and preserve the competitiveness of EU industries subject to the EU Emissions Trading System. CBAM initially covers cement, iron and steel, aluminium, fertilisers, electricity and hydrogen, with importers required to surrender carbon certificates corresponding to the EU ETS price. The mechanism is part of the "Fit for 55" package, which aims to reduce EU greenhouse gas emissions by 2030.
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