THE European Union (EU) is committed to pass a suite of policies and regulations that aims to cut its greenhouse gas (GHG) emissions by 55 percent from 1990 levels by 2030 to address climate change issues, a commitment its trading partners should pay close attention to and prepare for as early as now, according to an international expert.
In a recent technical briefing prepared for the International Trade Center, development economist Aaron Cosbey said that the European Commission has committed to establish a carbon border adjustment mechanism (CBAM) to enable the EU to impose a high carbon price, via its emissions trading system (ETS), on its energy-intensive trade-exposed industries like steel, aluminum, fertilizers and cement. Aside from these four, electricity is also covered.
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