- Jul 23, 2021 9:58 am GMT
As part of the 'Fit for 55' package released last week by the European Commission under the EU Green Deal, the EU Carbon Adjustment Mechanism (CBAM) looks to be at the forefront of not only pushing the EU's climate ambitions but also placing strong international pressure onto other nations to follow suit. The released CBAM mechanism that will be implemented from 2023 will focus only on cement, iron and steel, aluminum, fertiliser, and electricity and still does not have the detail required to address other significant categories such as petrochemicals, hydrogen, etc.
As Dolf Gielen and the colleagues at IRENA point out, the relocation of energy-intensive industries can have climate and social-economic benefits, however this can only be achieved with a comprehensive set of standards and certification systems to accompany the CBAM which is still currently lacking. Hopefully the transitional phase from 2023-2025 of the CBAM implementation will allow the European Commission time to develop stronger and more robust amendments to the CBAM to ensure the EU and the world will reach our united climate ambitions.
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