CBAM Update: Reporting Actual Emission Values During Transitional Period for EU Imports

• CBAM entered its transitional period on 1 October 2023
• Reporting declarants must submit quarterly CBAM reports with embedded emissions data
• Default emissions data can no longer be used after 1 July 2024
• CBAM aims to mitigate carbon leakage by requiring businesses to surrender certificates
• The number of certificates depends on the CO2 emissions released during manufacturing
• CBAM provides an incentive to decarbonize production processes outside the EU
• The legislative proposal for CBAM was presented on 14 July 2021 as part of the ‘Fit for 55’ package.

Source: loyensloeff.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.