The EU Council approved its position on the strengthening of the carbon border adjustment mechanism (Cbam), the EU tool to combat the delocalisation of Co2 emissions and promote global decarbonisation, in view of the negotiations with the European Parliament. This was announced by the Cypriot presidency of the EU Council.
The new regulatory framework will extend the scope of Cbam to new products and should fill gaps that could be used to circumvent the system.
For the Cypriot Finance Minister, Makis Keravnos“the EU remains committed to reducing climate-changing emissions both within the Union and globally. Strengthening the Cbam and closing loopholes that can evade our rules are key elements in achieving this objective. The position approved today represents the first step towards making the system more robust”.
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