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New EU carbon norms make Indian steel exports costlier


The European Union recently adopted a package of proposals to realise its ambitious target of a 55% reduction in carbon emissions compared to 1990 levels by 2030 and to become a climate-neutral continent by 2050.
As part of these efforts, the EU unveiled the Carbon Border Adjustment Mechanism (CBAM), a measure to prevent the risk of carbon leakage. CBAM will initially apply to sectors that have a “high risk of carbon leakage” and “high carbon emissions”, as per an official release. The sectors include iron


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