At the forefront of addressing the global challenge of climate change is the effort to reduce carbon.
In their latest podcast, Pittsburgh’s energy transactional partner, Ryan Haddad and Brussels’ international trade and customs partner, Yves Melin explore how Carbon capture, utilization, and sequestration (CCUS) and the Carbon Border Adjustment Mechanism (CBAM) could interact in the
The Carbon Border Adjustment Mechanism (CBAM) is a measure to ensure that imported goods pay a price for their carbon emissions that is comparable to the price paid by EU domestic producers under the EU Emissions Trading System (EU ETS). The CBAM Regulation entered into force on 17 May 2023. During the transitional period (1 October 2023 – 31 December 2025), declarants must submit quarterly CBAM reports to the CBAM Transitional Registry no later than one month after the end of the relevant quarter.
On 13 June 2023, the European Commission communicated a draft implementing regulation (IR) on reporting obligations. Below, we review the key elements of the draft IR. Interested parties can submit their comments to the Commission until 11 July 2023.
The CBAM Regulation entered into force on 17 May 2023. During the transitional period (1 October 2023 – 31 December 2025), declarants must submit quarterly CBAM reports that include: (i) the total quantity of imported goods; (ii) the direct and indirect emissions embedded in the imported goods; and (iii) any carbon price effectively paid in the country of origin for the embedded emissions. The CBAM Regulation empowers the Commission to adopt an implementing regulation on reporting obligations. On 13 June 2023,the European Commission published a draft IR on reporting obligations, which will be applied during the transitional period.
To understand the basic features of the CBAM, please see our previous alert.Continue Reading EU Carbon Border Adjustment Mechanism: consultation open until 11 July on the reporting measures to apply during the transitional period
The UK government has opened an exploratory consultation to consider a range of possible policy measures to mitigate carbon leakage and to ensure the correct policy infrastructure is in place to decarbonize.
In a recent post, our team examines the potential measures, like a domestic carbon border adjustment mechanism (CBAM), that the UK government