The EC is working on providing preliminary CBAM benchmarks – S&P Global

Businesses are awaiting information on emissions calculations to assess the impact of the mechanism

The European Commission is working on providing preliminary benchmarks for the Cross-Border Carbon Adjustment Mechanism (CBAM) before their final adoption. This was reported to S&P Global by a representative of the EC.

According to him, the institution wants to make the final list of CBAM benchmarks available as soon as possible, but they are not expected to be adopted until early next year. However, the EC is working to provide stakeholders with additional guidance as soon as possible using preliminary benchmarks.

The official did not provide details on how this would work.

The industry has now increased pressure on the European Commission, demanding more details on emissions calculations, default values, etc. Businesses are waiting for this information so that importers can assess the costs of CBAM and its impact on supply chains.

However, industry groups, including the European Association of Importers and Distributors of Stainless Steel and Aluminum (EURANMI), have expressed skepticism about the preliminary benchmarks. According to its statement to the agency, the EC is working on a methodology that will ensure the consistency of CBAM benchmarks with ETS benchmarks. The association expects this methodology to be presented to stakeholders. However, according to the group, this will not include preliminary or indicative benchmarks.

It should be recalled that Italy’s Assofermet, which represents distributors of scrap, raw materials, and steel products, is calling for transitional measures under CBAM. The association points to the current unavailability of benchmarks.

As reported by GMK Center, at the end of September this year, the Eurometal association called on European Commissioner for Trade Maroš Šefčovič to immediately clarify the rules of the cross-border carbon adjustment mechanism (CBAM).