EU to extend carbon border levy to new products, draft shows

BRUSSELS, Dec 16 (Reuters) - The European Union plans to expand its upcoming carbon border tariff to cover more imported products, a draft European Commission document seen by Reuters showed, in an attempt to close a loophole for foreign firms to circumvent the levy.

"The proposal will extend the scope of the CBAM to address the risk of carbon leakage for products further down the value chain of the steel and aluminium products currently in CBAM’s scope," said the draft Commission proposal, due to be published on Wednesday.