Australia's Energy Minister has announced plans to examine the implementation of a carbon border adjustment mechanism (CBAM) similar to the one being developed by the EU. The aim is to ensure equal opportunities for both domestic and international producers of manufactured goods in sectors difficult to decarbonise. The Australian government is also implementing changes to its safeguard mechanism to reduce greenhouse gas emissions by 43% against 2005 levels by 2030. Emissions-intensive, trade-exposed businesses will receive funding to support their transition. The review is expected to be finalised in 3Q24.

Source: argusmedia