Climate and geopolitics: What role for the EU?
Mark Leonard's World in 30 Minutes
00:00
The Carbon Border Adjustment Mechanism
CBAM has been around for a long time and emerged out of concerns that heavy industry had in relation to competitiveness. I think it would have been hard to get the level of constraint on European emissions without having something in the trade space. The US, the EU and China are probably the only economies which are big enough to provide the level of subsidy that they are currently doing. All the capital is being concentrated in those geographies because that's where the incentives are.
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