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Vikram Dhar asked 7 months ago
Summary
Article Name
What is CBAM?
Description
Discover the meaning and significance of CBAM introduced by the European Union in an effort to combat climate change.
Author
Team GreenSutra
Publisher Name
GreenSutra
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1 Answers
Best Answer
Team GreenSutra® Staff answered 7 months ago
Team GreenSutra® Staff answered 7 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.