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The first phase in a two-year carbon emissions reporting transition
As we approach the end of January, we approach the first cut-off date for submission for the EU’s Carbon Border Adjustment Mechanism (CBAM) scheme. This first submission is part of a two-year transition and only requires submission data for Q4 2023. The rubber really hits the road when the permanent system enters into force on 1st January 2026, at which point importers will need to declare each year the quantity of goods imported into the EU in the preceding year and their embedded GHG emissions. They will then surrender the corresponding number of CBAM certificates, purchased at the equivalent EU ETS price.