The UK government announced the UK Carbon Border Adjustment Mechanism (CBAM) to address carbon leakage risks, to be implemented from 2027. It will cover imports of certain products and apply to Scope 1 & 2 emissions. Some differences from the EU CBAM include sectoral coverage and scope of emissions. The UK CBAM will consider carbon price paid in exporting countries and will work in parallel with the UK ETS. Detailed consultation is expected in 2024, and there are differences in implementation and requirements compared to the EU CBAM.
Siurce PwC
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