In general, the CBAM can serve three main purposes.
My colleagues have already identified the levelling of the playing field to ensure that foreign producers are paying the acceptable costs of the carbon they're producing and exporting into the Canadian economy. However, the carbon border adjustment also prevents carbon leakage. It imposes costs on imports equivalent to carbon pricing faced by domestic producers, and that reduces incentives for producers in Canada to relocate production to high-emission or other foreign markets. In that sense, it prevents leakage in carbon and leakage of Canadian jobs overseas. Finally, the carbon border adjustment, if implemented properly, should encourage action globally on climate. It encourages exporting countries to adopt or enhance their carbon pricing or emissions reduction measures if they want access to our markets.
I think it serves those three key purposes.