EU to impose carbon border adjustment mechanism on steel, Al imports, other products

The European Commission (EC) plans to set a carbon border adjustment mechanism (CBAM) for imports of some goods, including steel and aluminium, to prevent the risk of carbon leakage, according to a draft of the EC's proposal seen by Fastmarkets on June 10.

The mechanism will integrate into the EU's current system that it established for greenhouse gas emissions allowance trading via the application of an equivalent regime for imports into the union, the EC said.
The mechanism will be applied to aluminium, iron, steel, cement, electricity and fertilizer imports from outside the customs union, with the exception of Iceland, Liechtenstein, Norway and Switzerland as well as some other regions.
Under the regulation, only declarants that the CBAM Authority has authorized can import goods and each authorized declarant must submit a CBAM declaration by May 31 of every year.

"The CBAM declaration will contain the total quantity of goods imported during the calendar year, expressed in megawatt hours for electricity and tonnes for other goods, which is then multiplied by the embedded emissions of each good," the EC...

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