At 16:10 on April 25th, Beijing time, the European Parliament voted to approve the Carbon Border Regulation Mechanism (CBAM), marking the completion of the entire legislative process of the EU CBAM. On the same day, the European Parliament formally approved the EU Emissions Trading System (ETS) reform plan.
On the same day, the ETS reform plan was finally passed by 413 votes in favor, 167 votes against, and 57 abstentions. The plan raised the emission reduction target, that is, by 2030, the greenhouse gas emissions of industries involved in the ETS must be reduced by 62% compared with 2005 levels, which is one percentage point higher than the previous target proposed by the European Commission. Under the revised ETS, free emission allowances will be phased out from 2026 onwards.
Meanwhile, the EU's CBAM received 487 votes in favour, 81 against and 75 abstentions. It is reported that the main content of the EU CBAM is that in the import and export of goods trade, the EU will impose corresponding fees or quotas on imported products with high carbon emission levels, so it is called the EU "carbon tariff" and will cover iron, steel , cement, aluminum, fertilizers, electricity, hydrogen, and other commodities, as well as indirect emissions under certain conditions.
It is understood that the EU CBAM is the core content of the EU's "Green New Deal" strategy, which aims to solve the problem of "carbon leakage" that may exist under the carbon market mechanism. The EU believes that if some companies set up their headquarters in the EU and transfer their high-carbon-emitting production activities to countries with relatively loose climate policies, or once the goods circulating in the EU are replaced by high-carbon-emitting imported products, "carbon emissions" will occur. leakage".
Xin Chunlin, deputy director of the China Industrial Carbon Neutral Research Institute of Beijing University of Chemical Technology, said that the CBAM mechanism is nominally to solve the problem of "carbon leakage" that may exist under the carbon market mechanism, but in essence it is to increase the threshold for external products to enter the EU and protect the European continent. Enterprise competitiveness. The CBAM mechanism is somewhat similar to a disguised means of trade protection, or it can be called "green trade barriers". In the name of climate governance, it is actually trade protection.
"In view of the fact that my country's carbon market is just in its infancy, the carbon price gap with the EU carbon market is huge, and the coverage is only a single power industry, which brings great challenges and risks to the CBAM mechanism. Therefore, in order to deal with the CBAM mechanism , my country should improve the national carbon market as soon as possible." Xin Chunlin said.
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