Last week’s unveiling of a landmark climate law in the European Union has come with a variety of new obligations for European companies. Each will have to do their part to meet the EU’s goal of completely decabonizing by 2050.
European businesses are worried what that will mean for their bottom line, as they face competition from global companies in places like the United States and China that do not have the same stringent climate legislation. The European Commission, the EU’s executive, today unveiled a new industrial strategy designed in part to address these concerns. One of the main ideas being considered is a ‘carbon border tax’ that would apply to imports from more-polluting countries outside Europe.