EU prepares to impose a carbon tax on iron and steel, cement, fertilizer
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- Business
- 00:44 04/05/2023
DNHN - The European Parliament has passed numerous measures to reduce greenhouse gas emissions drastically, including the imposition of a carbon tax on high-emissions imports.
According to information from the Vietnam Trade Office in the Netherlands and the European Union (EU), the 27 EU member states will begin piloting the carbon border adjustment mechanism (CBAM) in October 2023. Importers will have reporting requirements but will not incur CBAM fees.
CBAM was gradually implemented by January 2026, concurrently with the gradual elimination of the EU ETS (EU Emissions Trading Market) free quota. The European Commission will conduct a comprehensive review of CBAM by 2027. And CBAM will be fully operational by 2034.
On April 18, the European Parliament (EP) approved numerous measures to sharply reduce the European Union's (EU) greenhouse gas emissions, including the imposition of a tax on carbon emissions. Imports are a major source of emissions.
The European Parliament voted unanimously to approve the agreement reached with EU member negotiators last year to reform the carbon market so that emissions will be reduced by 62% by 2030 compared to levels in the previous year. 2005.
The European Parliament also endorses the plan to implement CBAM beginning in 2026, gradually imposing import taxes on carbon-emitting goods such as iron and steel, cement, aluminum, fertilizer, and hydrogen.
This tax, imposed for the first time in history, aims to protect the EU industry from competition from more polluting foreign companies and prevent EU companies from relocating to regions with lax environmental regulations.
The Vietnam Trade Office in the Netherlands stated that Vietnam's exports of steel, aluminum, cement, and fertilizer to the EU may be affected by the implementation of CBAM. Importers will be required to report emissions contained in imported goods; if these emissions exceed EU standards, importers will be required to purchase "emissions certificates" at the EU's current carbon price.
P.V (t/h)
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