Importing emissions-intensive products into the European Union just got a lot more expensive. The EU’s carbon market, known as the Emissions Trading System (ETS), is already forcing domestic producers to pay for the carbon they emit. That could put them at a disadvantage compared with producers outside the bloc. In an effort to equalize this footing, the bloc has instated the Carbon Border Adjustment Mechanism, or CBAM, under which importers must purchase certificates reflecting the embedded emissions of their products.