The transitional phase of the EU Carbon Border Adjustment Mechanism (“CBAM”) is now underway with the deadline for submitting the first CBAM quarterly reports having already passed on 31 January 2024 (although with an extension until the end of February).*
 
The CBAM requires importers to report the embedded greenhouse gas emissions in carbon-intensive goods (initially aluminium, cement, iron and steel, electricity, fertilisers and hydrogen) and, from the commencement of the operational phase in 2026, purchase “CBAM certificates” to account for these emissions. The CBAM is intended to complement the EU Emissions Trading System (“EU ETS”) and level the playing field between EU and non-EU companies, ensuring that the production of carbon-intensive goods does not shift from within the EU to third countries in order to take advantage of less stringent climate policies.

In our latest webinar, we provide you with an Introduction to the CBAM. Specifically,
we discuss:

  • The roles of different entities in the supply chain in respect of CBAM compliance;
  • The transitional phase reporting requirements;
  • The steps companies should be taking to prepare for the operational phase;
  • Frequently Asked Questions

* Note, this on demand webinar was recorded before the Commission announced the 30 day deadline extension on 29 January 2024. 

Click here to watch this on-demand webinar now.

If you have any follow up questions in respect of the presentation, please reach out to the authors.

Author

Lionel joined Baker McKenzie as customs lead in February 2022. He has over 23 years of experience in the field of customs, international trade, excises and energy levy. Lionel is lecturer at the UIA (Antwerp) and ULG (Liege). He is in charge of the customs, excises and international trade course at the Solvay Tax MBA. In 2023, Lionel was appointed by the Global ICC board as Chair of the ICC Global Customs Valuation Working Group. Lionel is also chairing the Indirect Taxes subcommittee of AMCHAM BE. Lionel's Indirect Tax practice team has been recognized as Tier 1 Indirect Tax Team in Belgium by ITR World Tax.

Author

Rachel MacLeod is an Associate in Baker McKenzie's London office. She advises companies on the "cradle-to-grave" regulation of a broad range of products sold on the EU and UK markets and also advises companies on how to comply with their operational environmental and health & safety obligations.

Author

Sylvain Guelton is a senior associate in the Tax Practice Group in the Brussels office. He joined Baker McKenzie in 2022.

Author