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Carbon Border Adjustment Mechanism or CBAM is a policy of __?
- a)World Bank
- b)European Union
- c)United Nations Environment Programme
- d)United States Government
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Carbon Border Adjustment Mechanism or CBAM is a policy of __?a)World B...
The EU has introduced a new policy called the Carbon Border Adjustment Mechanism or CBAM to account for carbon emissions from imported goods. This applies to imports of products like iron, steel and aluminum which require a lot of energy to make and therefore result in high emissions. Under the CBAM, companies importing these goods into the EU will have to buy carbon certificates corresponding to the polluting emissions.
This is to ensure imported products face similar carbon costs that European producers pay already under EU emissions rules. The aim is to prevent European manufacturers being undercut by cheaper imports not subject to carbon pricing. It also incentives foreign exporters to transition toward cleaner production. However, organizations like the World Bank and UN warn that these extra charges could negatively impact developing countries that export to EU, especially industries unable to quickly cut emissions. So while CBAM protects EU competitiveness, it may burden trading partners and needs to be designed sensitively.
This is to ensure imported products face similar carbon costs that European producers pay already under EU emissions rules. The aim is to prevent European manufacturers being undercut by cheaper imports not subject to carbon pricing. It also incentives foreign exporters to transition toward cleaner production. However, organizations like the World Bank and UN warn that these extra charges could negatively impact developing countries that export to EU, especially industries unable to quickly cut emissions. So while CBAM protects EU competitiveness, it may burden trading partners and needs to be designed sensitively.
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