The EU carbon border tax plan is the world's first 'tariff' on imports in to the EU region from companies that are not aggressively tackling their own greenhouse gas emissions. This plan is going to be applied for products that involve emission of carbon in their production processes. For example, companies outside of the EU that wanted to sell products (irrespective of the product), would be required to pay for each ton of carbon dioxide they emit in producing those products. This plan is yet to be ratified by the EU member states. Assuming it passes, the plan will enter its adjustment phase in 2023 (in which it will only be applied to products with high emission such as but not limited to steel, cement, and aluminum) before finally being fully implemented by 2026.