On 25 April 2023, the Council of the European Union announced the adoption of five laws as part of the Fit for 55 package, including a new EU Carbon Border Adjustment Mechanism (CBAM). The Fit for 55 package is meant to reduce carbon emissions by at least 55% by 2030 compared to 1990 levels and to achieve climate neutrality in 2050. The laws were already adopted by the European Parliament on 1…