O CBAM it is a mechanism that aims to compensate for differences in carbon prices between countries. In the UK, companies that issue carbon dioxide (CO2) they pay a fee per ton issued. However, many countries do not have a carbon pricing system, meaning companies in those countries can produce higher-emission goods and services without paying for them.
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A carbon leak It is a phenomenon that occurs when companies from countries with strict environmental policies migrate to countries with more permissive policies, in search of lower production costs. CBAM aims to combat this carbon leakage by ensuring that imported products that are carbon intensive face a comparable carbon price to products produced in the UK.
“This tax will ensure that carbon-intensive foreign products face a comparable carbon price to those produced in the UK, so that our decarbonisation efforts translate into reductions in global emissions,” said Chancellor Jeremy Hunt. “This should give UK industry the confidence to invest in decarbonisation as the world transitions to net zero emissions.”
The British government has not yet released details about how CBAM will be implemented. However, the fee is likely to be calculated based on the amount of greenhouse gas emissions generated in the production of the imported product.
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The introduction of CBAM is an important step for the UK on its path to decarbonisation. The move is expected to reduce the country's greenhouse gas emissions by around 10 million tonnes per year.
Other countries that plan to implement CBAM
In addition to the UK, other countries are also considering implementing CBAM. The European Union (EU) is planning to introduce CBAM from 2026. Other countries considering adopting CBAM include Australia, Canada, the United States and Norway.
The implementation of CBAM is a growing trend in the world. The measure is seen as an important tool to combat climate change and promote the decarbonization of the global economy.
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