EU CBAM will have ‘coercive effect’
Scheme will punish other trading blocs that do not have a carbon price of a similar level, industry seminar hears
Europe’s upcoming carbon border adjustment mechanism (CBAM) will incentivise the bloc’s trading partners, including China, to price carbon in the same way, delegates at an industry seminar heard in Shanghai heard in early November. Proposed last year as part of the EU’s ‘Fit for 55’ package to slash emissions, the CBAM seeks to impose carbon costs on imports of some high-carbon goods from outside Europe— including steel, cement, electricity and chemicals. The tariff aims to mitigate the risk of carbon leakage, when industries are drawn from areas with high carbon prices, such as those imposed by the EU’s emissions trading system (ETS), to those without. The CBAM has not been well-received in
Also in this section
21 July 2024
Awards experience 20% increase in nominations this year, with submissions from 27 countries
18 July 2024
Platform developed at Scottish university uses advanced simulations and machine learning to find most cost-effective and sustainable combinations of materials for use in carbon capture
18 July 2024
Stockholm Exergi agrees to one of world’s largest deployments of CO₂ liquefication technology to enable transport of emissions captured from biomass power plant
11 July 2024
Watkins will leverage her financial acumen and strategic insight to lead Gulf’s commercial initiatives across media, events, and market intelligence