Malaysia criticizes EU's deforestation law while world's first carbon import tax approved.

Malaysia has criticized the European Union's new law banning imports of commodities linked to deforestation, fearing a hit to its exports of palm oil to the bloc. The law will require companies that sell goods into the European Union to produce "verifiable" information proving their goods were not grown on land deforested after 2020, or risk hefty fines. Malaysia said the law was a "deliberate effort" to increase costs and barriers for its palm oil sector, which is a key source of export revenue for the Southeast Asian country.