Climate change has shown us that the effects of the environmental practices and policies of one country or region are felt around the world. The European Union (EU) is making a strong statement through several climate change initiatives. And since the EU is the third largest economy in the world, these policies affect the entire planet. Here are some of the newer ones that companies should be aware of.

Carbon tax for imported products

From 1 October 2023, the latest EU initiative will enter into force, carbon border adjustment mechanism (CBAM), which represents the first ever carbon tax on imported goods.