By Warren Maruyama, Lourdes Catrain and Stefan Schroeder (December 6, 2021, 3:43 p.m. EST) – On July 14, the European Commission presented its first formal proposal to establish a Carbon Frontier Adjustment Mechanism, or CBAM, for emissions EU Trading System, or ETS. The proposal is part of the EU’s Green Deal and aims to promote the Green Deal target of reducing the EU’s greenhouse gas emissions by 55% from 1990 levels by 2030.
Parts of the CBAM proposal are expected to enter into force on January 1, 2023. The proposal is a top priority for European Commission President Ursula von der Leyen and EU institutions.
Meanwhile, similar carbon import tax regimes are starting to emerge …
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