The European Union (EU) has implemented the Carbon Border Adjustment Mechanism (CBAM), which aims to impose costs on countries with high carbon emission intensity and significant export dependence. This means that Indian steel exports could suffer as a result of this mechanism. The CBAM is designed to address environmental impact from cobalt mining by holding high carbon emitters accountable for their exports. This reflects a growing global effort to curb emissions associated with international trade and highlights the EU's commitment to environmental sustainability. It also underscores the need for countries to mitigate their carbon footprint, not only domestically but also in their export practices. This development has substantial implications for the steel industry and underscores the urgency of transitioning to cleaner production processes. Meanwhile, in Asia, there is a positive reception towards Singapore's plan for a global framework to recognize Renewable Energy Certificates (RECs) from cross-border electricity trading. This initiative is critical in promoting the viability of costly cross-border clean power projects and fostering sustainable energy practices. However, stakeholders stress the importance of preventing double counting and ensuring transparency in the use of RECs, which is essential in maintaining the integrity and effectiveness of such initiatives.