Plans for the European Union's Carbon Border Adjustment Mechanism took a significant step forward Tuesday morning after a provisional deal between the Council of the EU and members of the European Parliament was reached.In a statement, the Parliament said the CBAM levy would be established "to equalise the price of carbon paid for EU products operating under the EU Emissions Trading System (ETS) and the one for imported goods.""CBAM will be a crucial pillar of European climate policies," Mohammed Chahim, a member of the European Parliament, said."It is one of the only mechanisms we have to incentivise our trading partners to decarbonise their manufacturing industry."In its own statement, the Council of the EU (government ministers from each EU country) said Tuesday's agreement still had to be confirmed by the European Parliament, EU member states' ambassadors, and then "adopted by both institutions before it is final.""