On June 22nd the European Parliament has approved a revised version of the draft regulation that sets out a framework for the operation of the carbon border adjustment mechanism ("CBAM").
The new CBAM-related reporting regulations are expected to take effect as early as 1st January 2023. The scope of the regulation has been extended to include new sectors:
- organic chemicals,
- hydrogen,
- anhydrous ammonia,
- liquid ammonia,
- plastics and other articles made from plastics.
Thereby, in addition to the existing products:
- cement,
- electricity,
- fertilisers,
- iron and steel,
- aluminium,
there are new products that were not previously included. The regulation will also gradually implement the remaining industrial sectors, including all sectors covered by Directive 2003/87/EC, by 1st January 2030.
Moreover, the European Commission is to establish an unified body (the CBAM office) to implement new procedures and supervise the CBAM project. The CBAM office will be responsible for authorising the import of goods into the EU customs territory, reviewing CBAM declarations and imposing financial penalties for breaches of the regulation.
The amendment placed more emphasis on the CBAM timeframe, setting the target to achieve net zero emissions by 2050 at the latest.
The first obligation of an importer of CBAM-regulated goods is to submit quarterly reports. This obligation will apply from 1st January 2023.
Autorzy:
