The introduction of a carbon tax at European borders risks making European economies less competitive, according to two recent studies. The Carbon Border Adjustment Mechanism (CBAM), which the European Parliament approved on April 18, will force importers of certain products to purchase emission quotas at the same rates as European manufacturers in order to maintain fair competition, with free quotas gradually disappearing in Europe. The importer of Chinese steel or Turkish cement will thus have to declare the emissions related to the production process and if they exceed the European standard, acquire an emission certificate at the EU CO2 price. In addition, the report points out that the CBAM aggravates problems of competition distortion for exporters. The mechanism will be progressively implemented between 2026 and 2034, concurrently with the removal of free quotas, making products subject to this quota system more expensive in Europe and therefore less competitive elsewhere. The CBAM, whose implementation will be experimented in fall 2023, will initially cover only energy sectors, highly energy-intensive industries, and commercial aviation, with the mechanism gradually extending to maritime transport, road transport, and the building sector in 2027-2028. But no calendar exists for all industrial products, whose carbon content is all the more difficult to calculate as there are many stages of production. Despite all of these imperfections, the CBAM “goes in the right direction,” according to economist Aude Pommeret, who coordinated the competitiveness part of the voluminous report on the economic impacts of climate action.
Nominés dans la catégorie finance de l’Option, récompensant l’excellence et l’innovation dans le domaine financier.
Cécile Goubet, 43 ans, est une experte dans le domaine de la finance durable. Titulaire d'un Master 2 en économie...