Carbon import tax is already implemented, it comes in effect starting from today. It adds same tax/cost to imported steel, cement, hydrogen, aluminum, fertilizers and electricity which is paid for those products if they are produced in EU via EU's emission trading system. It has been in transitional phase from 2023. During transition phase importers only needed to declare emissions and buy Carbon Border Adjustment Mechanism (CBAM) certificate. Producers in EU also lose their free CO2 allowances and now they need to pay for each CO2 ton they produce.
EU parliament and commission are looking to extend hard cut deadline for combustion engines, so that there would be no total ban for combustion engines in 2035, because of lobbying from European car manufactures. Current plan is to allow production of new combustion engines after 2035, but they need to use renewable fuel or hydrogen.
Renewable energy become cheaper today compared to energy produced by fossil fuel, because energy producers using fossil fuel lost their free CO2 allowances. Renewable Energy Financing Mechanism (RENEWFM) is the largest EU financial aid tool for building new energy production.