- The EU Carbon Border Adjustment Mechanism (CBAM) has started its transitional phase as of October 1, 2023.
- CBAM aims to align the carbon prices of imported goods with goods produced in the EU.
- CBAM applies to certain goods during the transition phase, including iron and steel goods, aluminum, iron ore, fertilizers, electricity, and mineral products.
- Exemptions currently exist for goods originating in Liechtenstein, Norway, Iceland, and Switzerland.
- Importers are responsible for complying with CBAM and must gather information and submit quarterly reports.
- The first report is due on January 31, 2024, and must include information on energy use and emissions.
Source: dentons.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
