EU May Revise CBAM to Alleviate Pressure on EU Exporters

Many EU exporters are concerned that costs associated with carbon emissions will increase their production expenses and undermine their competitiveness in the global market. CBAM which is aimed at foreign companies, has unintentionally harmed domestic EU exporters. This issue has garnered significant attention, prompting EU officials to consider revisions to the relevant regulations. 

To address exporters' concerns, EUofficials, including former Deputy DirectorGerassimos Thomas, have stated that theyare exploring various solutions to assistaffected exporters and ensure thecompetitiveness of local EU industries.Modifications to the CBAM regulations arecurrently under consideration.

Despite the potential for revisions,critics—including former European CentralBank President Mario Draghi—argue thatthe design of CBAM is overly complex andmay be difficult to implement withoutcooperation from other countries.Additionally, several nations, includingBrazil, South Africa, India, and China, haveexpressed opposition to CBAM, viewing itas discriminatory and a means of shiftingthe burden of emission reduction costsonto developing countries. These countriesare negotiating to delay or abolish themechanism.

From: https://www.fastener-world.com/en/article/9019.html