Natural gas is not included in the initial phase of the world’s first carbon import tax in the European Union (EU) that kicked off this month, but plans to start charging tariffs on specific imports by 2026 has raised political and economic issues for companies in and outside of the bloc.

The first round of the EU Carbon Border Adjustment Mechanism (CBAM) would cover six carbon-intensive industries. It was launched for the support of greener production to help the EU reach its target to reduce net emissions by 55% by 2030 from 1990 levels. 

CBAM imposing a tax on carbon-intensive imports requires importers outside the EU to comply with the same laws imposed on European companies. It’s aimed at creating a level playing field for European companies that already pay a carbon...