Local companies that export to the EU, particularly iron and steel, aluminum, cement and fertilizers, were advised to prepare for the implementation of this new regulation.
“CBAM is a border measure designed to make it such that foreign producers of certain goods face the same carbon costs that are faced by EU producers,” said the official from the joint agency of the World Trade Organization and the United Nations, as quoted by the trade group.Under the CBAM, Cosbey said that producers must register their operations in an EU-maintained central database and provide basic information.
On the other hand, importers, which are called declarants, have to apply for an authorization to import CBAM-covered goods before importing. The commission said the CBAM would initially apply to imports of certain goods whose production was deemed as carbon-intensive and at most significant risk of carbon leakage. These include cement, iron and steel, aluminum, fertilizers, electricity and hydrogen.
Source: News Formal (newsformal.com)
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