Launch of EU carbon tariff can advance climate policy worldwide
Germanwatch welcomes the launch of the pilot phase of the EU Carbon Border Adjustment Mechanism (CBAM) this Sunday as a major milestone in European climate policy. Christoph Bals, Policy Director of Germanwatch, says: "With the introduction of the Carbon Border Adjustment Mechanism, the EU has achieved a coup: By levelling the international playing field for industrial companies, it enables high carbon prices in the EU Emissions Trading Scheme ETS and thus sends an important signal that it is serious about its industry’s transition to climate-neutrality. The CBAM also creates an incentive for EU's trading partner economies worldwide to speed up their transformation."