What is CBAM?

Vikram Dhar asked 10 months ago
What is CBAM?
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What is CBAM?
Discover the meaning and significance of CBAM introduced by the European Union in an effort to combat climate change.
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Team GreenSutra® Staff answered 10 months ago

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.