European Green Deal
The European Green Deal, approved 2020, is a set of policy initiatives by the European Commission with the overarching aim of making the European Union (EU) climate neutral in 2050. An impact assessed plan will also be presented to increase the EU's greenhouse gas emission reductions target for 2030 to at least 50% and towards 55% compared with 1990 levels. The plan is to review each existing law on its climate merits, and also introduce new legislation on the circular economy, building renovation, biodiversity, farming and innovation. The president of the European Commission, Ursula von der Leyen, stated that the European Green Deal would be Europe's "man on the moon moment". Von der Leyen appointed Frans Timmermans as Executive Vice President of the European Commission for the European Green Deal. On 13 December 2019, the European Council decided to press ahead with the plan, with an opt-out for Poland. On 15 January 2020, the European Parliament voted to support the deal ...
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Carbon Border Adjustment Mechanism
The Carbon Border Adjustment Mechanism (CBAM) is a carbon tariff on carbon intensive products, such as cement and some electricity, imported by the European Union. Currently being legislated as part of the European Green Deal it will to take effect in 2026 with reporting starting in 2023. The CBAM was passed with 450 votes for, 115 against and 55 abstentions. The price of CBAM certificates would be linked to price of EU allowances under the European Union Emissions Trading System and it is designed to stem carbon