According to reports published earlier in June, the European Commission is expected to unveil a proposal in July 2021 for an EU Carbon Border Adjustment Mechanism (“CBAM”). The CBAM proposal will purportedly prevent carbon leakage in the form of a carbon border levy on certain products including imports of steel, aluminium, cement, fertilisers, iron and electricity, with a possibility of extending the product scope. The CBAM, if and when adopted, is expected to enter into force in 2023. More
