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Integration of the UK's and EU's CBAM Faces Challenges
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2024-09-09
British industries are affected by CBAM, especially the steel industry, which exports about 75% of their products to the EU. Corporations have recently expressed dissatisfaction with the significant bureaucratic differences between the EU and the UK. The British CBAM is mainly regarded as a tax system similar to VAT, administered by HM Revenue & Customs and requiring businesses to provide quarterly reports as with VAT. However, the EU CBAM is a customs system managed by national customs authorities and will require local companies to provide annual reports when it comes into force in 2026.
To further complicate matters, the UK decides to include glass and ceramics in its CBAM (building materials are a major source of emissions) due to domestic factors, whereas the EU does not and includes electricity in a slightly separate CBAM regime.
In the early days of Brexit, compliance with the EU's CBAM by UK exporters, with the exception of Northern Ireland, was thought to have no significant impact. This was because the CBAM only applied to the difference in carbon prices between the EU and the exporting countries, and the UK carbon price at the time was close to the EU's, but the situation today is very different. The carbon price difference between the UK and the EU is currently about 30 euros. A recent report by Frontier Economics, an economy analysis company, shows that the difference in carbon prices between the UK and Europe may result in a revenue loss of 3.5 billion to 8 billion pounds for the British treasury between 2025 and 2030.
The most obvious solution is to integrate the UK and EU emissions trading systems (ETS). After all, the UK was part of the EU ETS before Brexit, and the UK-EU Trade and Cooperation Agreement makes it clear that both parties should seriously consider integrating each other's systems.
英國
歐盟
碳邊境調整機制
CBAM
增值稅
碳價
海關制度
UK
EU
VAT
carbon price
Customs system
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