The Council of the European Union and the European Parliament signed and approved the Carbon Border Adjustment Mechanism (CBAM) Regulation on May 10, 2023, according to the European Commission, which added that the regulation entered into force on May 16, while the CBAM itself will enter into application in its transitional phase on October 1, 2023.
The first emission reporting period for importers ends of January 31, 2024. The rules for reporting will be further specified by the commission after consulting with the CBAM Committee.
The EU aims to become carbon neutral by 2050 at the latest.