The United Kingdom and the European Union (EU) may soon hit Australian exports with carbon tax policies designed to compel European trading partners to reduce emissions. On March 10, Members of the European Parliament adopted a resolution to support a carbon tax, otherwise called the “carbon border adjustment mechanism” (CBAM). Details are to be presented to parliament in June at the earliest and is expected to cover the power sector and energy-intensive industrial sectors, like cement, steel, aluminium, and more. The EU Parliament said the tax’s objective is to help the region achieve net zero emissions by 2050 while preventing “carbon leakage,” where EU production would simply move overseas where carbon emission policies are less harsh. “We have to lead by example but we also have to make sure that if our companies work under these very tough standards, that these industries aren’t relocated to countries that are more polluting,” …