The Carbon Border Adjustment Mechanism (CBAM) was formally introduced into European legislature in May 2023 and forms part of the Fit for 55 package, the EU’s plan to reduce greenhouse gas (GHG) emissions by at least 55% by 2030 compared to 1990 levels and become carbon-neutral by 2050.
From 1 October 2023, global steel producers that export steel into the EU will have to provide reports on the carbon emitted during the manufacturing of these goods on a quarterly basis. From 2026, the EU importers of these goods will have to pay what is essentially a carbon tax associated with those emissions. We discuss what CBAM is, what it aims to do, what producers need to do to prepare, and how to use it as part of a wider decarbonization strategy.
Jonathan is a global senior manager focusing on the development of sustainability and ESG solutions at DNV. As part of the innovation team, he contributes to the development of new digital assurance services supporting customers to comply with new stringent ESG regulations, such as the EU Green Deal legislative package.
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