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one of the biggest talking points surrounding overcoming climate change is the fight against carbon how do we reduce the social costs of carbon emissions the european union with its proposed carbon border adjustment mechanism or cbam is attempting to curb the use of carbon by putting a steep price tag on it in short it proposes a levy on imports of specific products as of now the tax will be applied to the following carbon intensive industries electricity cement aluminum fertilizer as well as iron and steel products this is expected to be in a transitional phase starting in 2023 and be fully operational by 2026 cbam has been developed under the auspices of the emissions trading system or ets that has already been in place in the eu since 2005. it also falls under the umbrella of the green deal the eu's whole of society approach to fighting climate change the eu's ets is qualified as the world's first emissions trading system that sets a cap on the amount of greenhouse gas emissions that can be released by specific industries in various sectors under the ets allowances are bought and exchanged on an open market one issue stalling progress on climate action has been the number of ets free allowances provided in order to mitigate issues such as carbon leakage carbon leakage refers to the increase in emissions when an industry relocates from a country with strict climate rules to a country with weak rules that attempt to control emissions this is where a proposal like cbam helps to provide more structure to a market that is still looking to define itself at a larger scale by imposing a carbon tax on imports via the cbam the eu hopes to affect external change driving change from the inside out is their goal with a powerful single market the eu can have a serious impact when it comes to conversations surrounding the development of climate and carbon in the u.s conversations dealing with a carbon border adjustment proposal are becoming more prevalent at the federal level at the state level there are two serious programs currently in place the first is california's cap and trade system this system covers upwards of 85 percent of california's emissions the state also has its own carbon border adjustment system applied exclusively to its power market in addition to california's efforts is the regional greenhouse gas initiative that covers 11 northeastern states this has been in place since 2009 setting a general regional cap on emissions originating from power generation at the federal level the biden administration has recently suggested plans for a carbon border adjustment proposal it has yet to pledge to setting federal price on carbon which many experts argue would be the most effective solution with the forthcoming transatlantic green trade agenda in the works it will be interesting to see how these various initiatives play out on either side of the atlantic but it is important to note that...