The European Commission announced baseline values to determine emissions in imported products for the Carbon Border Adjustment Mechanism (CBAM) transition period between October 1, 2023 and December 31, 2025. Importers will be able to use defaults during this period if they do not have access to the necessary information.
During the first quarterly report (fourth quarter of 2023, first and second quarters of 2024), importers will be able to report default emission values without numerical limitations, while from the third quarter of 2024 until December 31, 2025, importers can submit reports based on estimates, but they can only include 20% of the total emissions of composite products.
In the transition phase, CBAM will only apply to imports of cement, iron and steel, aluminum, fertilizer, electricity and hydrogen. EU importers will also be mandated to report on the import volumes of these products and the greenhouse gas (GHG) emissions generated during the production process.
EU importers have to start collecting data from the fourth quarter of 2023, prepare their first reports no later than January 31, 2024, and can revise these reports by the end of July next year. The CBAM transition period aims to bring greater transparency to import processes as part of the EU's efforts to regulate carbon limits.
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