Cross Border Adjustment Mechanism
📑 On the 13th of December, the European Commission, the European Parliament and the Council of the EU finally reached a deal on Cross Border Adjustment Mechanism (CBAM). At the first stage it covers importing in the EU of iron and steel, aluminium, cement, electricity, fertilizers and hydrogen. It will take into account both direct and indirect emissions. The price of the certificates that declarants should pay will mirror the current carbon price in the EU Emission Trading System, published by the relevant EU authority on a weekly basis.
The new rules will take effect in 2 stages:
• from 1 October 2023 declarants should report on carbon emissions on a quarterly basis,
• from 1 January 2026, these emissions will also need to be financially offset.
#pwc #CBAM #emission #ESG
📑 On the 13th of December, the European Commission, the European Parliament and the Council of the EU finally reached a deal on Cross Border Adjustment Mechanism (CBAM). At the first stage it covers importing in the EU of iron and steel, aluminium, cement, electricity, fertilizers and hydrogen. It will take into account both direct and indirect emissions. The price of the certificates that declarants should pay will mirror the current carbon price in the EU Emission Trading System, published by the relevant EU authority on a weekly basis.
The new rules will take effect in 2 stages:
• from 1 October 2023 declarants should report on carbon emissions on a quarterly basis,
• from 1 January 2026, these emissions will also need to be financially offset.
#pwc #CBAM #emission #ESG
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