While the EU has led the way with CBAM, it will be important to observe how other large economies respond and when, or if, they introduce their own versions. While we look deeper at Australia's plans below, other jurisdictions like Canada and the UK are weighing up similar policies and are expected to move to product-level carbon reporting. For example, in the US the draft Clean Competition Act (CCA) includes 25 sectors that impose a tariff on the difference between product actual emissions and the US baseline emissions. The Australian Government announced its intention to review whether a CBAM may be suitable with an aim to level the playing field for local manufacturers who face competition from overseas producers that are not subject to the same carbon pricing rules. The Australian Government's Safeguard Mechanism Reforms Position Paper10 in January 2023 stated that it is currently considering the option of implementing a system similar to the EU CBAM, which would allow them to levy tariffs on imported goods that are carbon-intensive such as the resource sector