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Britain Seeks Views on 2027 Carbon Border Tax
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2024-05-06
Britain has launched a consultation on how it should apply a new carbon import levy on some products from 2027 to help to protect businesses against cheaper imports from countries with less strict climate policies.
Britain, which has a target of reaching net zero emissions by 2050, launched an emissions trading system (ETS) in 2021 to charge power plants, factories and airlines for each tonne of carbon dioxide they emit as part of efforts to meet that goal. The planned carbon border adjustment mechanism (CBAM) will apply to imports of carbon-intensive products in the iron and steel, aluminium, fertiliser, hydrogen, ceramics, glass and cement sectors.
Britain's benchmark ETS carbon contract currently trades around 36 pounds (US$46) per metric ton, while contracts in China's ETS trade around 84 RMB (US$11.67) per ton. Britain proposed using the average auction price of permits in its ETS over the preceding quarter as a reference price for the levy. “Using a quarterly reference ... would allow for the UK CBAM rate to track the changes in the UK ETS price throughout the year,” the document said.
It proposes the first CBAM accounting period should run from Jan 1, 2027, to Dec. 31, 2027, and that from 2028 accounting periods should become quarterly. The consultation will be open until June 13 and seeks views specifically from tax advisers, professional bodies, importers and businesses from Britain and overseas, it said.
Britain
UK
CBAM
carbon import levy
net zero emission
carbon-intensive products
英國
碳邊境調整機制
碳進口課稅
淨零排放
碳排放產品
GOVERNMENTS/ASSOCIATIONS/FASTENER GROUPS
2024-05-14
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