EU Lawmakers Approve World's First Carbon Import Tax and Back Reform of Carbon Market.

The European Union's parliament has approved legislation to tax imports based on the greenhouse gases emitted to make them, enshrining climate regulation in the rules of global trade for the first time. The tax will give credit to countries that put a price on carbon by deducting payments for overseas carbon emissions when goods arrive at EU borders. The legislation will initially cover imports of iron, steel, aluminum, cement, fertilizer, electricity, and hydrogen.