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EC Sets Rules for Transitional Phase of CBAM

The European Commission has unveiled the rules for implementing the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase, commencing October and extending until end 2025. CBAM aims to address the environmental challenges posed by carbon-intensive imports. The newly adopted Implementing Regulation outlines the responsibilities for EU importers of CBAM goods during the transitional period. This encompasses the reporting obligations concerning embedded emissions linked to the production of CBAM goods. A central feature of the transitional phase involves importers providing an account of emissions within their imports, a step that will not incur any financial adjustment. This grace period intends to provide businesses with ample time to prepare in a structured manner, while simultaneously allowing for the finalisation of the precise methodology by 2026. Commission spokesperson Dr Elena Martinez said: “This phase strikes an important balance, offering companies the breathing space to adapt, and ensuring that our climate goals remain steadfast. It’s a strategic move towards securing a sustainable future for our industries.” Importers are mandated to begin collecting fourth quarter data starting 1 October, with the first official report submission due by 31 January 2024.

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