<p style="text-align:justify">The European Union&rsquo;s (EU) Carbon Border Adjustment Mechanism (CBAM) imposes a reporting obligation, and a carbon tax on EU imports of certain goods in order to reduce carbon emissions. The CBAM is meant to secure fair competition for European energy-intensive industries, incentivise countries both inside and outside the EU to cut emissions, and hinder carbon leakage from the EU. With the transitional phase of the CBAM kicking-off in October 2023, importers are now required to report emissions embedded in the goods they import, for a selection of energy/carbon-intensive products, though the tax on those emissions will not be imposed until 2026. &nbsp;What do these developments mean for global and MENA energy producers and other carbon-intensive industries like steel and cement? How can they secure or expand their future export market in the EU? &nbsp;</p>
