- The European Commission has called for views on the rules for implementing the Carbon Border Adjustment Mechanism (CBAM) during the transitional phase from 1 October 2023 to the end of 2025.
- The proposed regulation requires EU importers of CBAM goods to report emissions associated with their imports subject to the mechanism.
- An interim methodology for calculating embedded emissions released during the production process of CBAM goods is also included.
- During the transitional phase, importers can choose from three reporting methods, but from 1 January 2025, only the EU method will be accepted.
- The Commission is developing tools and materials to support businesses during the transition, and importers will be required to submit their first report by the end of January 2024.
- The Commission consulted with an informal group of experts, third countries, stakeholders, and industry representatives to ensure transparency in the CBAM implementation process.
Source PwC
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