Despite global efforts to bolster climate change mitigation strategies and enact new legislation, the issue of carbon leakage remains persistent. This phenomenon arises when companies operating in countries with stringent climate policies opt to shift their carbon-intensive production operations to nations with less stringent emissions regulations. Carbon leakage also occurs when products from a climate-friendly country are substituted by imports with high carbon footprints.
To counter carbon leakage, the European Union (EU) officially entered into force the Carbon Border Adjustment Mechanism (CBAM) on May 16, 2023.
- What is the Carbon Border Adjustment Mechanism (CBAM)?
- Who Needs to Comply with CBAM?
- CBAM Timeline
- CBAM: Transforming the Way Companies Operate in or Conduct Business with the EU
- How Optel can help Companies Prepare for and ensure CBAM Regulatory Compliance
Source: www.optelgroup.com
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