When certain goods are imported into the EU from third countries, a CO2 levy will be due in future. We are talking about the CBAM ("Carbon Border Adjustment Mechanism"). The CBAM imposes a CO2 price on EU imports of goods from emission-intensive sectors of the economy. Imports from the iron and steel, aluminium, fertiliser, cement, hydrogen and electricity sectors are affected. Other goods to which CBAM will be applied are expected to follow. CBAM is a mechanism of the European Union to achieve the European climate targets.
First reporting obligations already from October 2023
The regulation establishing the carbon cap and trade mechanism was published in the Official Journal of the EU on 16 May 2023. It will already be applied from 1 October 2023.
With this, the EU introduces – in addition to the existing customs requirements – further administrative as well as financial burdens for the import of certain goods. For the importing companies, additional effort and costs will arise. Furthermore, the entire supply chain is affected. For the implementation of the CBAM, the necessary structures in the company and at the suppliers abroad must be created as quickly as possible. Otherwise, the first sanctions may be imposed as early as October.
If you have any questions about the requirements that CBAM will place on companies in the future, the AWB will be happy to advise you.
