Dec 19, 2023
UK copies EU: New CO2 border tax from 2027! – Stainless Espresso
2024-01-18
19 December 2023 – The British government wants to introduce a UK CO2 border tax modelled on the European CBAM from 2027. Is the same chaos threatening here as in the EU? The bureaucratic chaos caused by the EU Commission with the introduction of CBAM is also coming under increasing criticism in Europe.
UK copies EU: New CO2 border tax from 2027!
UK on EU course: new CO2 tax at the border
The British government has announced it: A CO2 border tax is coming from 2027, based entirely on the EU model. The plan: imported products made from iron, steel, aluminium and other carbon-intensive sectors will be subject to the same CO2 prices as domestic products.
UK emissions trading scheme to be revised
At the same time, the UK emissions trading system is being adapted. However, as in the EU, there will continue to be free CO2 certificates for large CO2 emitters. This, so the argumentation of the government, is to protect their competitiveness – even if it sounds contradictory.
Watch out for red tape!
Import-dependent companies in the UK should get involved, otherwise they could face the same bureaucratic nightmare as in the EU.
EU’s CO2 border adjustment: more and more criticism!
CBAM: EU Commission under fire
The EU Commission has made a mess of it: its CO2 border adjustment mechanism (CBAM) is causing head-shaking and not a little enthusiasm. The accusation: incorrect assumptions, too much bureaucracy and a potential total economic loss of up to 10 billion euros per year in the EU.
Media waking up – but too late?
Now other so-called industry media are finally daring to criticise. But we ask ourselves: is this a reason to rejoice or too late? The wind is changing, but the CBAM train has probably already left the station.
Source: Steel News
