- The Council of the EU and European Parliament reached a provisional agreement on simplifying the carbon border adjustment mechanism (CBAM).
- The agreement aims to simplify and reduce compliance costs without compromising climate goals, covering 99% of emissions in imported goods.
- A new exemption threshold of 50 tonnes per importer per year will replace current provisions, benefiting SMEs and individuals importing small quantities.
- Simplification measures include changes to authorisation, data collection, emissions calculation, and financial liability processes.
- Agreement includes rules on penalties and indirect customs representatives.
- Specifications for financing the common central CBAM platform are included.
- The agreement requires endorsement by the Council and European Parliament before formal adoption by September 2025.
Source: eaccny.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.
