All you need to know on the EU’s carbon border adjustment mechanism
Are you ready for the EU Carbon Border Adjustment Mechanism?
The European Unions’ Carbon Border Adjustment Mechanism (CBAM) is a new mechanism that will put a tariff on all exports into the EU from six carbon-intensive industrial sectors (cement, iron and steel, aluminium, fertilizers, electricity and hydrogen).
A pilot phase of the CBAM will begin in October 2023. From this point, all exporter companies in these six sectors will need to report on greenhouse gas emissions embedded in their imports. Although no companies will have to make payments until 2026, the CBAM will have huge implications for heavy-emitting industries in Accelerator countries.
Understanding what the CBAM is, what its requirements are, and how to get ready is essential for any company affected.
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