The General Principles of a Carbon Border Adjustment Mechanism (CBAM) that will apply from 1 October 2023
On Tuesday, 16 May, 2023 the Official Journal of the European Union published the attached “regulation (EU) 2023/956 of the European Parliament and of the Council”
This document outlines the general principles of a carbon border adjustment mechanism (CBAM) that will apply from 1 October 2023, while installing a test period without financial consequence until 31/12/2025.
On the basis on the guidelines set out by the European Parliament and the Council, the European Commission should now adopt implementing acts laying down the detailed conditions for the practical application of the CBAM.
For importers of aluminium and stainless steel, the definitive content of the future “Commission Implementing Regulation” could have significant financial and/or administrative consequences for future imports.
The Commission plans to publish a draft of this document on Wednesday, 7 June and it expects to publish its definitive version at the end of July 2023.
In the meantime, the EC will consult the associations concerned to gather their suggestions and comments on the project. These comments will be considered when finalizing the definitive regulation.
On Friday, 16 June, a newly formed “informal expert group of advisors to the CE”, composed inter alia of representatives of associations active in the relevant sectors (steel, aluminium, fertilizers, cement, energy, …) will be the first to be consulted by the European Commission.
20230510 CBAM regulation 2023 956 CELEX 32023R0956 EN TXT