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European Union
Set to be phased in through a transitional period commencing 1 October 2023 (expected to last until 31 December 2025), importers of carbon-intensive goods will need to provide quarterly reports of the greenhouse gas emissions embedded in their imports. Once CBAM enters its permanent phase in 2026, importers will be required to purchase and surrender ‘CBAM certificates’ to cover their carbon emissions.
CBAM will cover the following categories of goods:
- iron,
- steel,
- cement,
- aluminium,
- fertilisers,
- electricity,
- hydrogen,
- indirect emissions under certain conditions.
Impacted Sectors: Importers to the EU of the proposed category products will be required to pay the additional tax.
United Kingdom
On 30 March, the UK government published an exploratory consultation considering a range of potential policy measures to mitigate carbon leakage risk in the future and ensure UK industry has the optimal policy environment to decarbonise. Potential policies include a carbon border adjustment mechanism (CBAM), mandatory product standards (MPS), and other policy measures to help grow the market for low carbon products, as well as emissions reporting which could support the implementation of potential mitigation policies. The consultation closed on 22 June 2023.
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