With the European Green Deal, the EU aims to become climate-neutral by 2050. A key step on this path is the reduction of CO₂ emissions, and the Carbon Border Adjustment Mechanism (CBAM) plays a decisive role in achieving this goal. CBAM was designed to complement the already established EU Emissions Trading System (ETS), which serves as a central instrument for reducing CO₂ emissions. However, the higher associated costs carry the risk that production may shift to countries with less stringent environmental regulations, a phenomenon known as “carbon leakage.” To mitigate this risk, importers of emissions-intensive goods into the EU will be required to purchase CBAM certificates. These certificates compensate for the difference between the CO₂ emission costs in the country of production and the price of CO₂ allowances in the EU.