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After further tightening its net emission target by 2030 from 40% to at least 55% compared to 1990 levels to achieve climate neutrality target by 2050, on July 14 the European Commission released its long-awaited Fit for 55 policy. It contains a dozen proposals directed at upgrading existing climate, energy and transport legislation aimed at reaching such targets. Among the different proposals, a new Carbon Border Adjustment Mechanism, or CBAM, is probably the most relevant beyond the EU's borders and, therefore, the most contentious. Expect Beijing to soon start lobbying against the proposal.