21 Dec 2022 International Economy EU plans to implement CBAM October 1, 2023 (Business Brief No.3983) คะแนนเฉลี่ย คะแนนเฉลี่ย 5 stars 4 stars 3 stars 2 stars 1 star From October 1, 2023 onwards, the CBAM will initially apply to targeted industries – cement, electricity, fertilizers, iron and steel, aluminum and hydrogen, including those with indirect emissions and some downstream products such as screws and bolts. The obligations for importers of non-EU countries’ products with prices higher than EUR 150 in the targeted industries will be limited to reporting CO2 emissions generated in the production of products imported to the EU, not yet being required to pay carbon tax. This will allow them to make their adjustments during the transition period. Such reports must be submitted on a quarterly basis, consisting of (1) volume of imported goods, (2) amount of CO2 emissions, and (3) carbon price paid by the countries of imported goods (if any). By 2025, following the implementation of its CBAM, the EU will assess the progress and outcome based on data obtained during the green transition before considering enforcement of carbon tax from 2026 onwards. The tax rates will be based on average weekly prices in the EU Emission Trading System (ETS). In addition, the CBAM will likely be expanded to other sectors covered by the ETS such as basic organic chemicals, plastics and polymers, glass, ceramics, gypsum, paper, etc. in the coming years. The role of the EU ETS will be phased out and eventually ended by 2034. However, even though EU are not the main market for Thai exporters of products under the CBAM’s targeted industries, they should accelerate their adjustments to comply with such measures in order to maintain their customer base in the EU. They may enjoy an opportunity for market expansion if other countries’ exporters fail to make adjustments to keep pace with this development. Additionally, this effort is a preparation for potential implementation of measures in other countries similar to those of EU. For instance, the US is considering the US Clean Competition Act and may start to levy a carbon tax by 2026 as well. View full article Login / Register Or Enter the code from the poll Annotation This research paper is published for general public. It is made up of various sources. Trustworthy, but the company can not authenticate. reliability The information may be changed at any time without prior notice. Data users need to be careful about the use of information. The Company will not be liable to any user or person for any damages arising from such use. The information in this report does not constitute an offer. Or advice on business decisions Anyhow. International Economy World economyExport products Related Analysis View all 14 Mar 2018 International Economy Thailand must brace for trade disputes between the US, EU and China, etc. (Current Issue No. 2905) The US is pressing ahead with trade measures against trade partners globally. In addition to their new ‘safeguard tariffs’ on imported solar panels and large washing machines imposed early in 2018, and more recently on imported steel and aluminum, the US is now preparing to implement protectionist measures against Chinese products valued at around USD60 billion. This direction will likely add significant pressure to global trade, thus, KResearch views that all eyes should be closely kept on negotiations between the US and EU, both being among the largest economies in the world. Details on those negotiations are expected to be released before the relevant ‘safeguard tariffs’ on steel and aluminum become effective at the end of next week. 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