On 18 April 2023, the European Parliament adopted the rules for the new Carbon Border Adjustment Mechanism (CBAM). However, it is well-known that CBAM is set to begin its transition phase on 1 October 2023. During this phase, EU importers of goods covered in the scope of the CBAM regulation will be required to submit quarterly reports of the embedded emissions of these goods to the European Commission.
Source KPMG
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