We would like to inform you that from 1 October 2023 the transition period for the establishment of the CBAM mechanism (Carbon Border Adjustment Mechanism) comes into effect.
Based on Regulation 2023/956 of the European Parliament and of the Council of 10 May 2023 on the establishment of a mechanism for carbon adjustment at borders , published on 16 May 2023 in the Official Journal of the EU no. L130 (CBAM Regulation). The mechanism comes into full effect on January 1, 2026.
CBAM is an environmental mechanism designed in the context of the Green Deal and support for the goal of carbon neutrality of the EU until l. 2050. The aim of the mechanism is to ensure that imported products contain the cost of a carbon footprint, i.e. to equalize the taxation of domestic and imported products and to prevent carbon leakage due to the relocation of production from the EU to other countries that are less ambitious in terms of reducing emissions. With the full implementation of the CBAM regulation, importers of carbon-intensive goods will have to purchase CBAM coupons in the amount of CO2 emissions at a price that is complementary to the price of emissions in the already existing EU ETS emission coupon system. The CBAM mechanism applies to goods listed in Annex 1 of the CBAM Regulation, namely cement, iron and steel, aluminium, electricity, fertilizers and hydrogen(hereinafter: CBAM goods).
The transition period runs from 1/10/2023 to 31/12/2025. During the CBAM transition period, traders will only report emissions that are part of their imports subject to the mechanism, without paying any financial adjustment. Companies will thus have enough time to prepare for the new system, and at the same time it will allow fine-tuning of the final methodology until 2026. Importers of CBAM goods will otherwise have to collect data for the fourth quarter from October 1, 2023, and the first reports will have to be submitted by 31 .in January 2024 .
More detailed information regarding the registration of importers for reporting purposes (registration will need to be carried out at any time in the period leading up to the first reporting) and the reporting process itself will be published later.
For the purpose of informing importers about the reporting obligation, the European Commission has prepared a special warning measure in the TARIC application related to CBAM goods, and in the process of processing the import customs declaration, declarants will be specially informed by the customs authorities about the reporting obligation.
The reporting obligation does not apply to CBAM goods whose real value per shipment does not exceed 150 euros.
The European Commission has prepared an implementing regulation for the transition period with annexes. It has also prepared a series of webinars for importers and producers of CBAM goods, covering the general features of the CBAM mechanism and the specifics of each CBAM goods sector, so that they can best prepare for the start of the transition period and familiarize themselves with their obligations. Full details, regulations, instructions, webinar schedule and registration information are available at the website of the Commission .
Source: fu.gov.si
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