What is CBAM?

The European Union introduced the CBAM officially on 16th May 2023. 
CBAM stands for the Carbon Border Adjustment Mechanism.
The Carbon Border Adjustment Mechanism is the European Union’s tool that will enable to quantify a fair price on the Carbon emitted during the production of carbon intensive goods that are entering the EU.
The intent behind the introduction of the CBAM is to encourage sustainble industrial production in Non-EU countries.