The EU passed the proposal of the Carbon Border Adjustment Mechanism (CBAM) on March 10, which was expected to be effective in 2023.
The proposal stressed that the EU will impose carbon tariffs on the imported products that don’t comply with carbon emission regulations in order to increase global awareness on climate change issues and prevent carbon leakage.
The UE’s new policy of carbon tariffs brought new pressure to China's aluminum exports. China’s carbon footprint of the aluminum industry is obviously higher than other countries that have sufficient hydropower. Therefore, China’s aluminum exports will face a severer situation in the future.
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