New EU rules on carbon pricing came into effect in June 2023, seeking to decarbonise the biggest polluting EU industries. The EU’s revised emissions trading system (EU ETS) and the new carbon border adjustment mechanism (CBAM) aim to change the affected industries’ consumption choices towards a low-carbon approach.
The revision of the EU ETS includes a more stringent cap on emissions (leading to a decrease in the overall number of allowances available), the extension of its scope to maritime transport, and the introduction of a separate EU ETS for the buildings and road transport sectors.
The CBAM will require importers of certain energy-intensive goods to pay a levy for their imports that corresponds to the price of emissions allowances under the EU ETS. This mechanism extends the carbon price paid by EU firms (under the EU ETS) to non-EU producers of the same goods. Reporting obligations under the CBAM will apply starting from 1 October 2023, while the obligation for importers to pay a levy will start from 2026.
Cullen International’s report analyses the main features of both pieces of legislation and the relationship between them.
For more information and to access the full analysis, please click on “Access the full content” - or on “Request Access”, in case you are not subscribed to our Sustainability service.
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