Despite pressure on the world’s governments to set stricter emissions reduction targets to avoid the brunt of the European Union’s (EU) sweeping new carbon levies, new research has shown that the measures will leave Australia’s industries largely untouched. A report (pdf) by the Australian Industry Group (Ai Group), Australia’s peak industry body, stated that Australia’s critical exports—such as iron ore and coal—remain, for the time being, untouched by the EU’s new Carbon Border Adjustment Mechanism (CBAM). “Australian Industry Group research finds that carbon border adjustments are not an imminent threat to Australia and could be an important opportunity if we get on the front foot,” said Ai Group Chief Executive Innes Willox. The new CBAM will require overseas businesses shipping aluminium, cement, electricity, fertiliser, or steel to the EU to purchase emissions “allowances.” However, the report outlined that only 5 percent of Australia’s steel exports went to the EU, with the …