EU Implements Sweeping Climate Policy Reforms, Including Carbon Market Scheme and Deforestation Ban.

The European Union has approved the world's first carbon tax on imports, which will make certain products more expensive if they come from manufacturers that aren't paying for their greenhouse gas emissions. The tax will be imposed on seven high-emissions sectors, including steel and cement, starting in 2026. While the tax could be effective in reducing industrial carbon dioxide emissions, it could also disrupt global trade and have an outsize effect on poorer countries. Some countries argue that it's a thinly disguised way for the Europeans to protect their companies from international competition under the guise of climate policy.