On Tuesday, the EU Parliament unleashed a legislative game-changer in the global climate battle, adopting the world’s first carbon border tax (CBAM). The MEPs also formally adopted the deals reached with the Council in December 2022 on several other critical pieces of legislation, including the closely-related revised EU’s Emissions Trading System (“EU ETS“) and a new Social Climate Fund (“SCF“), all a vital part of the EU’s Fit for 55 package, designed to help the bloc cut greenhouse-gas emissions by 55 percent by 2030 against a 1990 baseline. The CBAM complements the EU Emissions Trading System (ETS), addressing the phenomenon of […]
DetailsIn anticipation of the June 7 plenary session when the European Parliament will take on the CBAM proposal, we delve into the key ideas behind and the expected game-changing impact of the regulation on international trade. In this edition of our CBAM series, find out more about how this wind of change may affect consumers, businesses and economies across the globe. Why is the EU introducing a new carbon pricing policy? As a new policy, the Carbon Border Adjustment Mechanism (“CBAM”) is being developed to work in conjunction with the EU Emission Trading System (“ETS”) – a cornerstone of the EU’s […]
DetailsThe European Commission (“EC”) adopted the Fit for 55 climate action plan on Wednesday, announcing a legislative package that aims to cut carbon emissions in the European Union (“EU”) by 55% by 2030, compared to levels measured in 1990. It also calls for action to make the continent carbon neutral by 2050. The Fit for 55 package includes provisions on expanding the EU Emissions Trading System to charge for carbon emissions in more sectors. Additionally, it proposes Effort Sharing Regulation and prescribes new emissions-cutting targets per Member State. It also calls for an increase in renewable energy sources use, creates […]
DetailsAt the event hosted by the API/IPA international press association, Slovenia revealed the priorities of its upcoming presidency of the Council of the EU and the Fit for 55 legislative package stole the spotlight all for itself. Before leaning into the story of Fit for 55, let us make a quick turn to the conference held just a few days ago. Slovenia is taking over the Council of the EU presidency for the next six months. The country’s Permanent Representative to the EU Mr. Iztok Jarc and his deputy Ms. Tamara Weingerl-Požar laid out the priorities of the presidency. Of […]
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