- Introduction of CBAM Regulations: Starting January 2025, the European Union will require importers of high-emission goods to register as “authorized CBAM declarants” to comply with new regulations aimed at carbon emissions, with preparations needed before the regulations take effect.
- CBAM Register and Authorization Process: The CBAM register will serve as an electronic database for managing CBAM declarations, and companies must undergo a rigorous authorization process, demonstrating financial capacity, compliance controls, and a clean regulatory history to obtain status as authorized declarants.
- Obligations for Importers: From 2025, importers will face new obligations, including applying for authorization, maintaining accurate records on imports and emissions, and purchasing CBAM certificates for CO2 emissions. Early preparation is crucial to avoid potential compliance issues and additional costs.
Source Crowe
