Carbon Border Adjustment Mechanism (CBAM)
The European Union's 'Fit for 55'
Delivering the European Union's (EU's) 2030 climate target on the way to climate neutrality is set out in 'Fit for 55'. It is the most comprehensive set of proposals the Commission has ever presented on climate and energy.
The proposal outlines the basis for:
- new jobs and a resilient and sustainable European economy for the future
- and
- a 55% reduction in Green House Gas (GHG) emissions in the EU by 2030 (compared with 1990 levels).
It also led to Regulation (EU) 2023/956 which was published on 10 May 2023, providing the legal basis for CBAM.
Revenue, as the National Customs Authority, and the Environmental Protection Agency (EPA), as the National Competent Authority, will work together to engage with all stakeholders to implement CBAM.
Next: Key elements