Carbon Border Adjustment Mechanism- Purpose, Working & Criticisms
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From October, EU is to commence its ambitious and controversial CBAM regime. While the intentions behind the move may be appreciable, several countries, especially those from the Global South, have raised concerns about its adverse consequences.
What is CBAM?
- CBAM/ Carbon Border Adjustment Mechanism is an ambitious policy measure of the EU to level the playing field for EU and non-EU manufacturers with regards to carbon pricing regimes.
- The EU first proposed this mechanism in 2021. A political deal on this matter was reached in December 2022.
- This is one of the multiple initiatives being undertaken by the European Parliament to cut down carbon emissions.
- The body has set the goal of reducing carbon emissions from the EU market by 62% by 2030 (com
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