The EU plans to levy import duties on aluminum, steel, and cement coming from countries with lower environmental standards, as it seeks to demonstrate a willingness to combat climate change without impacting domestic producers. Importers will need to buy special certificates at a price linked to the EU Emissions Trading System. It all adds up to a new-style “Climate Club”, with details to be hashed out in the weeks ahead.

Read More:

https://www.wsj.com/articles/europes-carbon-border-tax-plan-looms-over-global-trade-11623321116

https://www.reuters.com/business/sustainable-business/eu-countries-approve-landmark-climate-change-law-2021-06-28/

https://www.cnn.com/2021/06/28/europe/eu-climate-change-law-net-zero-intl/index.html