EU will propose measures to close loopholes in carbon border levy

The European Union plans to introduce measures by the end of the year to close loopholes in one of its flagship climate policies, which was designed to stop industries from relocating abroad as the bloc shifts to a greener economy.

The European Commission, the EU’s executive arm, is preparing a three-pronged package to refine its Carbon Border Adjustment Mechanism, according to a person familiar with the matter. The plan would extend CBAM to some assembled goods such as washing machines, address attempts by producers to circumvent the rules and…