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20th December 2023 News

UK to Launch a Carbon Tax on Imports

The UK government announced that it will introduce a carbon border adjustment mechanism (CBAM) by 2027. The new regime will establish a carbon tax on imported goods targeted at a series of key emissions-intensive industries, aimed at equalizing the carbon price paid by UK producers with those outside the UK, and avoiding “carbon leakage,” or shifting of production of carbon-intensive goods to jurisdictions with less stringent emissions reduction policies.

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ESG Chronicle Team