European Union governments and lawmakers reached a deal Sunday on key elements of the 27-nation bloc’s green deal.
File - In this Tuesday, March 5, 2019, file photo, an employee in protective clothing works with a steel pouring ladle during a guided media tour at the steel producer Salzgitter AG in Salzgitter. European Union governments and lawmakers reached a deal Sunday, Dec. 18, 2022 on key elements of the 27-nation bloc’s green deal. The deal will reform the EU’s trading system for greenhouse gas emissions and create a new hardship fund for those hardest-hit by measures to curb climate change.
To ensure a level playing field, the EU will also introduce a tax on foreign companies that want to import products which don't meet climate-protection standards European companies have to comply with. The so-called Carbon Border Adjustment Mechanism was agreed to last week. Against the backdrop of the current energy crisis that has stoked inflation in Europe and beyond, negotiators agreed to also create a social climate fund that will help vulnerable households and small businesses cope with higher costs for fuel arising from the new measures.
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