CARBON TAX

MEP Drafts Complete Overhaul of EU Carbon Boarder Levy

25 January 2022

The Member of the European Parliament (MEP) in charge of negotiating the proposed EU Carbon Border Adjustment Mechanism (“CBAM”) on behalf of the European Parliament has recommended far-reaching changes to the draft law which had been put forward by the European Commission last summer. The amendments include a wider product scope, a quicker roll-out and the creation of a new EU agency. More

hktdc research

Controversy Abounds Over EU Carbon Border Levy Proposal

28 September 2021

Although the European Commission maintains that its proposal for an EU Carbon Border Adjustment Mechanism (“CBAM”) is instrumental to achieving EU climate goals, without compromising the competitiveness of European industries, it has been reported that key trading partners are highly critical of the scheme. European industries and climate campaigners have also expressed some scepticism. More

hktdc research

EU Introduces Carbon Border Levy Proposal

26 July 2021

The European Commission has presented its proposed Regulation for an EU Carbon Border Adjustment Mechanism (“CBAM”). The CBAM proposal forms part of the EU’s Fit for 55 Package which aims to set out a clear path towards achieving the EU’s ambitious target of a 55% reduction in carbon emissions (compared to 1990 levels) by 2030, with the aim of becoming a climate-neutral continent by 2050. More

hktdc research

CBAM Proposal to Target Imported Goods Including Steel, Iron, Fertilisers, Electricity and Aluminium

24 June 2021

According to reports published earlier in June, the European Commission is expected to unveil a proposal in July 2021 for an EU Carbon Border Adjustment Mechanism (“CBAM”). The CBAM proposal will purportedly prevent carbon leakage in the form of a carbon border levy on certain products including imports of steel, aluminium, cement, fertilisers, iron and electricity, with a possibility of extending the product scope. The CBAM, if and when adopted, is expected to enter into force in 2023. More