by The Editorial Board
The Wall Street Journal
“This is an admission that the European Union’s emissions-trading scheme (ETS) is bad for the economy. European companies are less competitive because they have to pay for their emissions and foreign companies don’t. Environmentalists say the ETS encourages companies to send production offshore to avoid the ETS, which greens call “carbon leakage” and most people would call common sense. The CBAM is intended to level the playing field, at least within the European market,” according to The Wall Street Journal.