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Rep office reports

UNCTAD Urges EU To Consider Carbon Border Adjustment Mechanism's Impacts on Global Trade (Economic Division in EU)
Kind: Rep office reports  Organization: Department of International Cooperation  Publish Date: 2021-07-29 10:40
UNCTAD / PRESS RELEASE
Geneva, Switzerland, 14 July 2021

The United Nations Conference On Trade and Development (UNCTAD), has told the European Union (EU) that mechanism could help avoid carbon leakage, but its value in mitigating climate change is limited.

The European Union (EU) carbon border adjustment mechanism (CBAM) announced on 14 July could change trade patterns in favour of countries where production is relatively carbon efficient but do little to mitigate climate change, UNCTAD has warned.

The CBAM is expected to introduce new CO2 emissions-cutting measures transitionally in 2023 and finalize them before 2026.

The report confirms that introducing the CBAM would reduce part of the carbon leakage produced by the different climate change ambitions between the EU and other countries.

Carbon leakage refers to the relocation of production to other countries with laxer emissions constraints for costs reasons related to climate policies, which could lead to an increase in their total emissions.

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Update: 2020-04-08
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