CBAM is a carbon tax that the European Union plans to apply to imports of commodities like steel, cement, and electricity, which could significantly increase the costs of exporting these goods to the EU and harm developing economies. The Speaker of the National Assembly of South Africa has expressed concerns that CBAM could be discriminatory and a trade barrier, hindering global cooperation in mitigating the effects of climate change. Ms. Nosiviwe MapisaNqakula highlighted the necessity for enhanced parliamentary oversight and urged other delegations at COP28 to support their respective governments’ efforts in mitigating the effects of climate change.
