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Carbon Border Adjustment Mechanism Cbam

All articles tagged with #carbon border adjustment mechanism cbam

climate-change2 years ago•2 min saved

"UK's Carbon Levy on Imported Goods and Steel Imports Set for 2027 Implementation"

The UK government plans to implement a carbon import levy on certain products by 2027 to protect domestic businesses from cheaper imports with lower climate standards. The carbon border adjustment mechanism (CBAM) will apply to carbon-intensive products in sectors such as iron, steel, aluminum, and cement. The levy will be based on the carbon emissions produced during the manufacturing process and the price difference between the country of origin and UK producers. The measure aims to prevent carbon leakage and ensure that carbon-intensive products from overseas face a comparable carbon price to those produced domestically. The UK's steel industry supports the move, but is concerned about the timing, as the EU's carbon measure will start a year earlier.

via Reuters UK|

#carbon-border-adjustment-mechanism-cbam #carbon-levy #carbon-pricing

climate-change2 years ago•1 min saved

"EU Takes Global Lead with Groundbreaking Carbon Border Tariff Initiative"

The European Union has initiated the first phase of the world's first carbon border tariff system, known as the Carbon Border Adjustment Mechanism (CBAM). This system aims to impose CO2 emissions tariffs on imported goods such as steel, cement, and others to prevent more polluting foreign products from undermining the EU's green transition. The EU importers will have to report greenhouse gas emissions embedded in the production of certain imported goods, and from 2026, they will need to purchase certificates to cover these emissions. The goal is to encourage global greener production and prevent European manufacturers from relocating to countries with lower environmental standards. The border levy is in line with World Trade Organization rules and seeks to raise climate ambition worldwide.

via Reuters|

#carbon-border-adjustment-mechanism-cbam #climate-change #co2-emissions-tariffs

climate-change2 years ago•2 min saved

China's Carbon Price Misalignment and EU's Concerns over China's Coal Industry Expansion

A Chinese climate official stated that it is impossible to ask China to set the same carbon price as the EU due to different development conditions and emission goals. The official criticized the EU's proposed carbon tariff as "unscientific, irrational, and unfair." China's carbon market, with a price of around $7.72 per ton of CO2, is seen as reasonable given the country's acceptance of emission reduction costs. The official also criticized the EU's Carbon Border Adjustment Mechanism (CBAM) as not aligned with China's carbon market goals and highlighted the shortcomings of the EU's own carbon market. China opposes any trade or technological barriers established in the name of climate change.

via Global Times|

#carbon-border-adjustment-mechanism-cbam #carbon-price #china