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 18 April 2023 and will enter into force 20 days after they are published in the Official Journal of t…