Which country launched the world’s first carbon border tax system, known as the Carbon Border Adjustment Mechanism (CBAM)?

Explanation

• The European Union introduced the Carbon Border Adjustment Mechanism (CBAM) to place a fair price on carbon emitted during the production of carbon-intensive goods entering the EU.
• CBAM targets imports of cement, iron and steel, aluminum, fertilizers, electricity, and hydrogen to prevent carbon leakage and encourage global clean manufacturing.