The implementation of the Carbon Border Adjustment Mechanism (CBAM) has made the customs system a key tool in the European Union’s (EU) fight against climate change.
CBAM, applied to imports of goods from third countries, establishes a fair price for carbon emissions during production with the aim of promoting the use of clean energy.
The CBAM Regulation officially came into effect on May 16, 2023, the day after its publication in the Official Journal of the EU, and began to be applied on a transitional basis on October 1. The first reporting period for importers will conclude on January 31, 2024.
Anticipating the end of this first reporting period, the Customs Foundation has released the book “CBAM: Carbon Border Adjustment Mechanism,” authored by Manolo González-Jaraba.
In this new book from the foundation, which already has 19 titles in its publishing catalog, the author analyzes this new European regulation applied to imported goods, which will have a significant impact on the community industry.
CBAM aims to prevent carbon leakage, which occurs when companies based in the EU shift polluting production to countries with less stringent climate policies or when EU products are replaced by carbon-intensive imports.
The climate crisis is global, and solutions to this serious problem must also be global. Hence the importance of providing tools to the customs system to prevent the circumvention of stricter environmental regulations.
Manolo González-Jaraba emphasizes this point in his book, which not only unpacks the new community regulation but also offers a comprehensive view of the actions taken by the European Union for the benefit of the environment in the areas of deforestation, fiscal policy, and community trade policy.