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EU Observer (16 July 2021)

By ELENA SÁNCHEZ NICOLÁS 

The European Commission has presented the world's first-ever import levy on certain goods produced in third countries with lower environmental standards - part of the effort to reduce emissions under its massive 'Fit-for-55' package.

The levy - officially known as the Carbon Border Adjustment Mechanism (CBAM) - aims to accelerate global climate action and, at the same time, prevent businesses from transferring production to non-EU countries with less strict climate rules - dubbed 'carbon leakage'.

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