1. Introduction 1

2. How the EU and UK CBAMs will work in practice 2

3. How CBAMs Create Policy Spillovers 4

4. CBAM Spillovers in Practice 8

5. Policy Recommendations 13
5.1. Implementing Countries 13
5.2. Receiving Countries 13
5.3. Multilateralism 14
5.4. United States Climate Policy 14

6. References 15

7. Appendix 17
7.1. Carbon Pricing Developments 17
7.2. Media Search Terms and Methodology 19