This initiative aims to ensure that imports of iron, steel, aluminium, ceramics, and cement from overseas face a comparable carbon price to goods produced within the UK, according to a government
The UK government will implement a levy by 2027 on goods imported from countries with a lower or no carbon price to ensure that foreign goods face a comparable carbon price to those produced domestically.
The think tank in its report claimed that the real reasons the EU introduced CBAM are to protect uncompetitive local industries from cheaper imports; to earn considerable revenue to fund its budget; and to operationalize the trillion-dollar subsidy initiative. "If this disrupts world trade, the EU is okay. The EU needs this money to continue to provide substantial subsidies to its firms and farmers. The new regulations can provide a full share of the EU budget," Srivastava said.
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