Navigating Europe’s Carbon Tariff
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Navigating Europe’s Carbon Tariff

28 September 2023 / Report

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CEO Insight Minute: What Should Businesses Know About Europe’s Carbon Tariff?

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CEO Insight Minute: What Should Businesses Know About Europe’s Carbon Tariff?

Once the Carbon Border Adjustment Mechanism comes fully into force, the EU will charge importers for emissions generated by six carbon-intensive products.

From October 1, 2023, the EU will introduce the Carbon Border Adjustment Mechanism (CBAM), a scheme that taxes imports into the EU of six carbon-intensive industrial sectors: iron and steel,
cement, fertilizers, aluminum, electricity generation, and hydrogen.

Insights for What's Ahead

  • CBAM is expected to drive up prices of goods within its scope and prompt changes in purchasing choices.
  • With a limited pool of accredited verifiers, businesses subject to CBAM will face bottlenecks for emissions verifications. Importers should also be prepared for variations in customs process times of CBAM goods across Member States.
  • Non-EU manufacturers will have to share potentially sensitive data with EU importers. Importers will likely handle data and confidential information of competing manufacturers and need to work closely with their supply partners to address these concerns.

From October 1, 2023, the EU will introduce the Carbon Border Adjustment Mechanism (CBAM), a scheme that taxes imports into the EU of six carbon-intensive industrial sectors: iron and steel,
cement, fertilizers, aluminum, electricity generation, and hydrogen.

Insights for What's Ahead

  • CBAM is expected to drive up prices of goods within its scope and prompt changes in purchasing choices.
  • With a limited pool of accredited verifiers, businesses subject to CBAM will face bottlenecks for emissions verifications. Importers should also be prepared for variations in customs process times of CBAM goods across Member States.
  • Non-EU manufacturers will have to share potentially sensitive data with EU importers. Importers will likely handle data and confidential information of competing manufacturers and need to work closely with their supply partners to address these concerns.
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Authors

Ioannis Siskos

Ioannis Siskos Ioannis Siskos

Senior Research Fellow, Environmental, Social & Go…
The Conference Board

Read Bio

Anuj Saush

Anuj Saush Anuj Saush

ESG Center Leader, Europe
The Conference Board

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