BRUSSELS/NEW DELHI -- India's steel exporters are among the Asian companies expected to be hit hardest by the implementation of the first phase of Europe's carbon border tax regime this past Sunday.
Under the European Union's Carbon Border Adjustment Mechanism (CBAM) -- the world's first -- importers of goods that are made in carbon-intensive processes such as steel and iron, cement, aluminum, fertilizers, electricity and hydrogen will need to buy certificates priced along the lines of the bloc's emissions trading permits from 2026. In the first phase, these importers are required to report the greenhouse gases emitted in the production of the goods or face fines if they fail to do so.
