The European Commission has introduced a new legislative package aimed at simplifying sustainability and investment regulations. In the latest Competitiveness Compass we recently covered, the Commission outlined its strategy to enhance the EU’s economic prosperity and competitiveness. Known as Omnibus I and Omnibus II, these reforms are designed to cut administrative burdens, enhance business competitiveness, and maintain the EU’s commitment to sustainability goals. The key areas affected include the Corporate Sustainability Reporting Directive (CSRD), the Corporate Sustainability Due Diligence Directive (CSDDD), the Carbon Border Adjustment Mechanism (CBAM), and the InvestEU Regulation. By streamlining compliance, the EU hopes to make regulatory […]
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The European Union’s Carbon Border Adjustment Mechanism (CBAM) is undergoing a major simplification – and it’s big news for businesses in the Western Balkans and around the world. CBAM, a cornerstone of the EU’s Green Deal, is designed to put a carbon price on imports of carbon-intensive goods. This helps prevent “carbon leakage” – the shift of production (and emissions) to countries with looser climate rules – and protects EU industries from unfair competition. But while the environmental goal is clear, CBAM’s complex rules raised concerns for businesses both inside and outside the EU. Now, recent moves to simplify CBAM’s […]
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The European Commission recently launched the consultation phase on two essential draft regulations to strengthen the EU Carbon Border Adjustment Mechanism (CBAM) regulation’s operational structure. These include the draft Implementing Regulation for Authorized Declarants and creating a comprehensive CBAM registry. Stakeholders can submit feedback until November 28, 2024. These regulations clarify key aspects of the definitive CBAM implementation, set to begin on January 1, 2026. Draft Implementing Regulation for Authorized Declarants Starting January 1, 2026, all importers of goods within the CBAM scope must qualify as Authorized CBAM Declarants. This therefore includes importers of cement, iron and steel, aluminum, fertilizers, electricity, […]
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The inaugural meeting of the informal Expert Group on the Carbon Border Adjustment Mechanism (CBAM) took place online on April 23, 2024. Hosted by the Directorate-General for Taxation and Customs Union (DG TAXUD), the meeting marked the beginning of a collaborative effort to guide the implementation of CBAM during its transitional phase and the definitive period, which is set to commence on January 1, 2026. The expert group comprises representatives from EU Member States, industry associations, NGOs, civil society, observers from third countries and international organizations. The session began with a welcome from DG TAXUD, acknowledging the participants’ commitment to […]
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In latest CBAM news, the European Commission has acknowledged significant technical difficulties impacting businesses for the EU Carbon Border Adjustment Mechanism (CBAM) reporting. These issues stem from a technical malfunction affecting several EU customs systems, including ICS2 and the CBAM Registry. To support declarants facing challenges in CBAM reporting, the Commission has introduced measures to facilitate the process. Starting from February 1, a new feature in the Transitional Registry will allow affected businesses to “request delayed submission”. This provision grants an additional 30 days for submitting their quarterly CBAM report. The Commission has assured that no penalties will apply for […]
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Gecić Law is honored to announce that our esteemed colleague and counsel, Branko Gabrić, will share his specialist knowledge during an upcoming interactive global webinar on the European Union’s new Carbon Border Adjustment Mechanism (CBAM) regulation. The prestigious global legal network TerraLex presents the event “The Impact of the Carbon Border Adjustment Mechanism.” Branko will be in the company of illustrious speakers, including Assunção Cristas, Head of Environment at Vieira de Almeida, and Nithya Nagarajan, Partner at Husch Blackwell. The event aims to discuss the implementation of CBAM, a groundbreaking initiative by the European Union. The mechanism entered its transitional phase […]
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Bogdan Gecić, Founding Partner at Gecić Law, recently spoke to Euractiv Serbia and shared his insights on the critical changes in international trade likely to ensue as a result of the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM) regulation. The regulation entered its transitional phase on October 1, 2023. Moreover, Bogdan detailed the ramifications for businesses. The article is titled “CBAM: Why is It Important and What Do We Need to Know?” The article clearly explains the motivation and reasoning behind this unique regulation. With the CBAM, the EU pioneers the world’s first carbon border tax on imports into […]
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Gecić Law experts will participate in multiple sectoral training sessions on the EU’s new Carbon Border Adjustment Mechanism (CBAM) in October and November. The Ministry of Environmental Protection and the Chamber of Commerce of Serbia initiated the training program within the Swiss Program on Capacities for Trade Policies (C4TP) framework. CBAM training sessions will hence take place in several cities in Serbia during the next two months. These sessions are particularly tailored to the economic sectors affected by the CBAM regulation. First CBAM Training Session on Fertilizers On Monday, the program started its first full-day workshop at the Chamber of […]
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The SEEenergy conference kicked off this morning with an exciting panel on Decarbonization in the economy. Our colleague Branko Gabrić sparked great interest as he spoke about the EU’s Carbon Border Adjustment Mechanism (CBAM). The discussion was timely as the new regulation took effect on October 1. The code will introduce significant changes, especially for a specific group of carbon-intensive industries. The energy sector is consequently among the most significantly affected. Panel Discussion on Decarbonization in Industry The distinguished panelists hailed from companies in diverse industries, including Henkel, ABB Group, Schneider Electric, Energy Net, and Viessmann. They shared their views on Decarbonization and specific […]
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From this Sunday, October 1, the European Union (EU) will start implementing the Carbon Border Adjustment Mechanism (CBAM) in its transitional phase. This regulation reflects the EU’s commitment to mitigating carbon leakage as part of the Fit for 55 Agenda. It aims to harmonize carbon costs between local and imported products. CBAM should also galvanize global industries towards adopting greener technologies. Initially, this mechanism will include cement, aluminum, steel, electricity, hydrogen, and fertilizer imports. From now on, importers must submit quarterly reports on greenhouse gas (GHG) emissions in production. Data collection starts in the last quarter of 2023, with the […]
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We are pleased to announce that Gecić Law will proudly join the sixth regional SEEenergy conference. This year’s event will take place in Novi Sad from October 2 – 3. It will explore new challenges in energy transition, including decarbonization, energy storage, and the market. At the conference, Gecić Law will share its expertise on the latest developments in EU law and their likely impact on businesses and economies of the region. EU’s Carbon Border Adjustment Mechanism (CBAM) takes effect on October 1. The regulation will introduce significant changes, especially for a specific group of carbon-intensive industries. The energy sector […]
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The European Union has formally unveiled today specific rules for importers on implementing the world’s first carbon border tax. These guidelines in the form of its Implementing Regulation were published today in the EU’s official journal, highlighting the processes to be followed by EU importers in light of the Carbon Border Adjustment Mechanism (CBAM) during its transitional phase. The Carbon Border Adjustment Mechanism is a groundbreaking initiative by the European Union. CBAM aims to level the playing field between EU producers who bear carbon pricing costs and foreign producers who don’t face these charges. It discourages businesses from seeking cheaper […]
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Bogdan Gecić, Founding Partner at Gecić Law, was featured in eKapija for his insights on the immanent and profound transformation in both environmental and international trade regimes, propelled by the European Union’s groundbreaking Carbon Border Adjustment Mechanism (CBAM) regulation. As the CBAM takes effect on October 1, 2023, Bogdan detailed his insights for eKapija. The article is titled “The Revolutionary New EU Carbon Import Tariff: What Do You Need to Know?” The article explains the motivation and reasoning behind this unique regulation. With the CBAM, the EU pioneers the world’s first carbon border tax on imports in the EU. Accordingly, […]
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Introduction The European Union has initiated the world’s first carbon border tax, known as the Carbon Border Adjustment Mechanism (CBAM), in a strategic move to tackle the mounting concerns of climate change. The CBAM is designed to level the competitive landscape, ensuring that EU companies, which are already bearing the cost of their carbon emissions, remain on equal footing with enterprises originating from nations with minimal or no carbon emission charges. While the Carbon Border Adjustment Mechanism (CBAM) stands as a significant development in the realm of climate policy, its ramifications extend beyond environmental considerations, reshaping the contours of international […]
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On Monday, our Founding Partner, Bogdan Gecić, participated in a webinar titled “All About CBAM, the new EU Carbon Border Tax”. This event was organized by the Israel Export Institute in collaboration with the leading Israeli law firm, Shibolet. The attendees, mainly Israeli exporters from diverse industries, had the opportunity to hear from top experts in sustainability, ESG, EU law, and international trade. They discussed how the EU’s new regulations might affect their businesses and gave recommendations on how to best prepare. Daphna Sternfeld, Deputy Director of the Israel Export Institute, offered an introduction to the topics and moderated the […]
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The Western Balkans ESG Summit starts tomorrow! Gecić Law proudly announces its participation in the first regional event dedicated to environmental protection, social responsibility, and responsible management (ESG). The summit will be held on April 27th and 28th, 2023 in Tivat and will focus on sustainable development issues in the Western Balkans. The Western Balkans ESG Summit will bring together regional and global leaders and experts in sustainable business who will address this global paradigm shift and its impact on Southeast European markets. Gecić Law will participate in the ESG regulation panel, discussing the latest ESG regulations and their far-reaching […]
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On Tuesday, the EU Parliament unleashed a legislative game-changer in the global climate battle, adopting the world’s first carbon border tax (CBAM). The MEPs also formally adopted the deals reached with the Council in December 2022 on several other critical pieces of legislation, including the closely-related revised EU’s Emissions Trading System (“EU ETS“) and a new Social Climate Fund (“SCF“), all a vital part of the EU’s Fit for 55 package, designed to help the bloc cut greenhouse-gas emissions by 55 percent by 2030 against a 1990 baseline. The CBAM complements the EU Emissions Trading System (ETS), addressing the phenomenon of […]
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EU and Western Balkans leaders gathered in Albania last December for the EU and Western Balkans Summit to discuss cooperation and EU perspectives of the region. The Tirana Declaration (“Declaration”) was signed between the leaders of the Western Balkans Six and the EU Member States, with representatives of the EU Council and the EU Commission. The document comprises specific initiatives to strengthen regional cooperation in parallel with the EU accession processes. One of the Declaration’s critical topics was the Western Balkans’ commitment to fully implement the Green Agenda and develop a carbon pricing policy in the context of the EU […]
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The European Union is fast-tracking the road to a greener future as EU institutions reach provisional agreements on the Carbon Border Adjustment Mechanism (“CBAM”) and the EU Emissions Trading System (“ETS”). After round-the-clock negotiations between EU officials, the “Fit for 55” legislative package with the ultimate goal of reaching carbon neutrality by 2050 is now being finalized. What are the implications for non-EU countries? EU’s Climate Action Recognizing the threats of climate change, the European Union adopted a range of climate laws, which includes the ETS and the CBAM, as part of the revolutionary “Fit for 55” legislative package. In contrast to the […]
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Our Founding Partner, Bogdan Gecić, took part in a webinar organized by the preeminent Israeli law firm Shibolet titled „The Effect of New EU Regulation on Israeli and Global Trade.“ The audience, primarily Israeli businesses in diverse industries, had the opportunity to hear from leading experts in both ESG and EU law and international trade about how the EU’s new ESG regulation may affect trade relations with the EU and what they can do to prepare. Galit Ofer, Partner at Shibolet, introduced the panel and provided an overview of the ESG agenda and the significance of EU-Israel trade relations. She […]
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Our colleague Nemanja Sladakovic took part on Friday in a panel discussion titled “Expert talks – How to measure sustainability? News that will influence sustainability reporting cycles”, held as part of the CSR Forum organized annually by the Responsible Business Forum. Panelists discussed how sustainability is measured and what changes will affect ESG reporting cycles. Nemanja spoke about introducing the EU Carbon Border Adjustment Mechanism (CBAM), which will significantly affect the economies of countries with a significant share of exports to the EU. Other participants in the panel were Vladica Janković from the Statistical Office of the Republic of Serbia, Danko Kalkan, Ernst & Young, Nina […]
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Our Founder & Managing Partner Bogdan Gecić recently held a key discussion at Bloomberg Adria Serbia on the ramifications of the expected introduction of EU’s CBAM for the Adria & Balkans region. Bogdan discussed what this revolutionary new trade instrument, which will take effect in 2023, means for all companies from the Western Balkans and beyond that export to the EU. If adopted by the EU Council, every importer in the EU will have to pay tax on the goods they import into the EU if the goods are produced in countries that do not have an Emissions Trading System […]
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