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The European Union has taken a step closer to adopting a groundbreaking carbon tax law that would impose a tariff on imports from countries that fail to take strict steps to curb their greenhouse gas emissions.

E.U. member states and the European Parliament reached a preliminary agreement on the proposed law on Monday night, and while the bill has yet to undergo legal checks and get final approval, E.U. officials said they expected it to easily clear the final hurdles.

“A historic agreement,” said Pascal Canfin, the chair of the Parliament’s Environment Committee. “We are putting carbon and climate at the heart of trade.”

The “carbon border adjustment mechanism” is aimed at protecting E.U. companies subjected to strict environmental rules from the risk of being crushed by competition with businesses from countries whose rules on emissions are looser. It is also designed to encourage other countries to adopt similarly ambitious emissions rules.

https://tnewsline.com/2022/12/13/world/europe-reaches-deal-for-carbon-tax-law-on-imports/