The carbon tax is a system of taxation that the European Union is going to implement to equalize products made in the EU with minimal carbon dioxide emissions and products from other countries that use high emission technologies.
The carbon tax is simplistically called the project of the so-called cross-border carbon adjustment mechanism (CBAM) of the European Commission. It assumes that producers from countries that do not have their own internal mechanisms of carbon regulation (including Russia), when importing cement, fertilizers, electricity, iron, steel and aluminum into the EU will be required to buy special certificates.
Simply put, a carbon tax is a fee for carbon (greenhouse gas) emissions into the atmosphere. And the certificates are quotas for the emission of gases.
CBAM has not yet entered into force – it needs to be approved by the member countries of the European Union and the European Parliament.
In the summer of 2021, the G20 for the first time acknowledged in an official communiqué that the introduction of a carbon fee is one of the methods of combating climate change.