European climate programme – Fit for 55

The European Commission presented its climate plan, dubbed Fit for 55, which calls, in its first stage, for the introduction of a carbon tax from 2023 on imports of steel, fertiliser and aluminium as well as trade in CO2 emissions and the use of renewable energy sources and electric vehicles.

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How will the EU collect its carbon tax?

On 14th July, the European Union is to provide an explanation of how its Carbon Border Adjustment Mechanism, CBAM, or more simply put, a carbon tax, is going to be put into effect. The tax is to be applied to all suppliers of raw materials from countries outside the EU.

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