A new study has raised surprising questions about a major European climate policy. The policy is the European Union's Carbon Border Adjustment Mechanism, or CBAM. The report comes from the Swedish research organization SNS. It finds that CBAM may protect steelmakers less than the current system of free emissions allowances. This is because free allowances help producers at home & abroad, while CBAM only covers imports. Swedish steel production could fall by one point seven percent as a result. The study also finds that CBAM only slightly reduces carbon leakage. The researchers suggest counting electricity emissions & adding export rebates to help.