Latest Progress and Potential Impact of the Carbon Border Adjustment Mechanism
With the EU Carbon Border Adjustment Mechanism(CBAM)regulation caming into force and entering the trial operation stage,companies that export specific products to the EU need to purchase certificates for the greenhouse gas emissions generated during the production process of those products.This will increase the greenhouse gas emission costs of all relevant products which sell to the EU market,and cause an adverse affect on production,trade,employment and income for the countries outside the EU,while companies in EU countries gain a relative competitive advantage,which has caused much controversy.In this regard,China should negotiate with the EU actively under the framework of multilateralism,strive for all countries around the world to increase their emission reduction ambitions on the premise of fairness.At the same time,we need accelerate the establishment of the national carbon market to promote the domestic carbon prices to reflect domestic emission reduction costs,promoting the construction of carbon emission business accounting capacity in relevant industries,reducing the increased management costs,promoting the development of low-carbon technologies,and advancing the development of low-carbon technologies to reduce the negative impact of the EU carbon border adjustment mechanism.
carbon border adjustment mechanismcoping with climate changeunilateral mechanismresponse measures
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