03 Oct 2023

Bogdan Gecić Quoted in Brussels Signal

Bogdan Gecić, the Founding Partner of Gecić Law, recently spoke with journalist Paddy Bolton.  He was thereafter quoted in a Brussels Signal article regarding the significant changes coming up with the European Union’s pioneering Carbon Border Adjustment Mechanism (CBAM) regulation.  The European Union (EU) has begun a transitional phase for implementing CBAM, effective October 1.  This initiative, part of the European Green Deal, aims to reduce carbon emissions by taxing carbon-intensive imports.

The article discusses the possible implications of CBAM.  Boston Consulting Group predicts this could increase the average car price in the EU by approximately EUR 600.  This is primarily due to the cost of carbon emissions involved in imported steel and aluminum production.  While full implementation will take off in 2026, companies face new reporting requirements.  However, experts note that many businesses remain unaware or unprepared for these changes.  Moreover, those non-compliant could face penalties of up to EUR 50 per ton of emissions.

Commenting on the introduction of CBAM, Bogdan said: “It’s a unique instrument in international trade law, first of a kind – never seen under GATT and WTO before.  The EU is trying to turn it into a golden standard like the GDPR, with the Brussels Effect.”

Brussels Signal is an independent publication that delivers reporting that questions prevailing ideas and policies.  It is a critical voice on the questions confronting the Europe of today and tomorrow.  The author, Paddy Belton, is a seasoned journalist who regularly writes for the BBC, covering technology and global business stories.  He reports from Russia, China, and the Middle East and contributes often to the Irish Times, Guardian, Prospect, and the Times.

Click the link to read the full article on Brussels Signal.