The voluntary carbon markets have expanded rapidly recently, capturing the attention of entrepreneurs, corporate entities, and investors. Today, however, like many burgeoning markets, the voluntary carbon markets are susceptible to instability – and crime – in the absence of sufficient infrastructure, transparency, and standardized operating procedures.
Greenberg Traurig cordially invites you to join a webinar focusing on the EU Carbon Border Adjustment Mechanism (CBAM) Regulation.
Thursday, June 8, 2023
10-11 a.m. ET | 4-5 p.m. CET
REGISTER
CBAM is an EU regulation that will apply as of October 2023, that will require companies importing cement, electricity, hydrogen, fertilizers, iron, steel, aluminum, and other materials into the EU to pay a carbon adjustment tariff at the border, corresponding to the carbon price that would have been paid had the goods been produced under the EU’s carbon pricing rules.
All companies dealing with these imported goods will be – directly or indirectly – impacted by CBAM.
Speakers:
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| Dr. Robert Hardy Local Partner Greenberg Traurig (Moderator) | Laura Rabinowitz Shareholder Greenberg Traurig | Andrei Marcu Founder and Executive Director ERCST | Adolfo Aiello Deputy Director General Climate and Energy EUROFER |
Click here to learn more about CBAM
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On Jan. 26, 2023, the Environmental Protection Agency (EPA) solicited public input to inform two new Inflation Reduction Act (IRA) programs creating standards and labeling for construction materials that have “substantially lower levels of embodied greenhouse gas emissions.” Section 60112 of the IRA appropriates $250 million for grants and technical assistance to manufacturers, States, Indian Tribes, and nonprofits for activities related to “measuring, reporting, and steadily reducing the quantity of embodied carbon of construction materials and products.” Section 60116 appropriates an additional $100 million for EPA to work with the Federal Highway Administration and the General Services Administration to identify and label “lower-embodied carbon” construction materials used in highway construction and federal buildings.
EPA will hold three webinars in March and April to receive input from stakeholders:
Written comments are due May 1, 2023, and should respond to questions in a Request for Information document found in the EPA docket (EPA-HQ-OPPT-2022-0924).
Greenberg Traurig’s Steven Russo, Co-Chair of the Environmental Practice and the firm’s New York Environmental Practice, is joined by Shareholder Todd Kaminsky and Of Counsel Jane McLaughlin in the Government Law & Policy Practice to discuss the New York State Climate Action Council’s adoption of the final scoping plan, which will serve as a roadmap to achieve the climate change mandates set forth in New York’s landmark climate law – the Climate Leadership and Community Protection Act (CLCPA). Enacted in 2019, the CLCPA codified several robust climate mandates for the State which must be achieved in an accelerated time frame. Specifically, New York is statutorily required to achieve:
They discuss what this significant milestone’s possible implications are for utilities, new source renewable energy providers, development of new technologies, the transportation sector, and decarbonization of commercial and residential building operations. Read more about the New York State Climate Action Council Final Scoping Plan to Achieve Climate Goals in this accompanying GT Alert.
On Dec. 7, 2021, the California Air Resources Board (CARB) began the process of updating California’s Low Carbon Fuel Standard (LCFS) by holding a virtual workshop where CARB staff discussed their initial amendment proposals. The goal of the LCFS update is to align the LCFS with CARB’s AB 32 Scoping Plan Update, which will be finalized in 2022. Any changes that result from this effort may be implemented by 2024.
On Jan. 5, Mr. Mohammed Chamin – a Member of the European Parliament and the “rapporteur” on the proposed Carbon Border Adjustment Mechanism (CBAM) in the Parliament’s Committee on Environment, Public health and Food Safety (ENVI) – announced that a draft report on the CBAM proposal had been sent to shadow rapporteurs for discussion. This GT Alert covers the five major changes to the proposed CBAM contained in the draft ENVI Report.
Click here to read the full GT Alert.
* Special thanks to Jairo Keeldar for his valuable assistance in preparing this GT Alert.
The Carbon Border Adjustment Mechanism (CBAM) is a carbon-pricing system for imports into the European Union. The relationship between the CBAM and the European Emission Trading Scheme (ETS) would be complex.
The European Union is considering implementation of a new carbon policy, the Carbon Border Adjustment Mechanism (CBAM), that could profoundly impact the global import/export market. The CBAM, a carbon-pricing system for imports into the EU, is proposed to be applicable as of Jan. 1, 2023, and would initially only cover products from five sectors.
Never has there been such global consensus on the requirement to reduce greenhouse gas (GHG) emissions. There is rarely a single day without media reports of the current climate consequences being experienced due to global warming. To eliminate the UK’s contribution to global warming, the UK has set an extremely ambitious target of achieving net zero by 2050.
Some in Congress are advocating a proposal to establish a carbon tax on certain imports to fight climate change and protect domestic production. A more specific carbon border tax plan has also been proposed by Sen. Chris Coons of Delaware and Rep. Scott Peters of California. The proposals come shortly after Europe announced its proposal for the world’s first carbon border tax.
Continue reading the full GT Alert.