Bogdan Gecić, the Founding Partner of Gecić Law, provided insights today for Euronews Serbia’s primary news program regarding the significant changes coming up in the environmental law and international trade, driven by the European Union’s pioneering Carbon Border Adjustment Mechanism (CBAM) regulation. The CBAM regulation will begin to apply on October 1, 2023. Bogdan shared his views on the steps businesses that exporters should take to prepare. This applies to carbon-intensive sectors, including iron and steel, electricity, fertilizers, cement, hydrogen, and aluminum.
In his guest appearance on Euronews, Bogdan delved into the genesis and rationale behind this unique regulation. The CBAM marks the EU’s introduction of the world’s first carbon border levy. It targets carbon-intensive imports into the EU. Bogdan detailed the key considerations that businesses should adopt. This includes the CBAM transitional phase, which lasts until 2026, to its full implementation in 2034.
“The timing for this discussion is excellent as the Implementing Regulation, which details how CBAM will be implemented in the transitional phase and what CBAM reporting should look like, was recently published. What is important for our economy is that the six currently included sectors must be on alert and prepared to collect and monitor information on their CO2 emissions in their production processes and supply chains. They must do so commencing the last quarter this year and work on reporting by the end of January 2024, according to the methodologies prescribed by the European Commission in the Implementing Regulation.”
For the full video (in Serbian), please click here. (from 2.25)
