The European Commission has adopted the implementing regulation establishing the rules for the CBAM during its transitional phase, spanning from October 1, 2023, to the end of December 2025. The implementing regulation delineates the reporting obligations imposed on EU importers of CBAM goods and the methodology for calculating embedded emissions in their production. Currently, the CBAM regulation is applicable to specified imports within six emissions-intensive sectors:
Iron and steel
According to the new provisions, a transitional period for the EU CBAM will be in effect from October 1, 2023, to December 31, 2025, entailing solely quarterly reporting obligations. The inaugural report is due by January 31, 2024, covering goods imported during the fourth quarter of 2023.
This insight covers the regulation in full and looks at the concerns for the industry.