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Extension of EU Carbon Border Adjustment Mechanism (CBAM) Return Submission Date

  • The deadline for submitting reports for the EU Carbon Border Adjustment Mechanism (CBAM) has been extended by 30 days.
  • Businesses within the scope of the EU CBAM must comply with new compliance requirements or face penalties.
  • Default values can no longer be used after July 2024 for reporting emissions data.
  • The UK Government plans to implement a UK CBAM by 2027 for certain sectors.
  • The UK Emissions Trading Scheme (ETS) is being reviewed for better targeting of carbon allowances and to incentivize decarbonization.
  • Businesses must comply with the EU Regulation on Deforestation-free products (EUDR) by the end of the year.

Source: ey.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.

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