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Currently, CO2 emission derived from fuel combustion are over 30 billion metric tons per year, and are estimated to triple by 2100. Without any decisive action, by the end of the century the global temperature will increase by 4° C above preindustrial levels, while the 2015 Paris Agreement set the goal of limiting the increase to 2° C.
The European Commission has therefore outlined a series of measures aimed at reducing greenhouse gas emissions by at least 55% by 2030 (“Fit for 55”). The most controversial of these measures is the Carbon Border Adjustment Mechaninsm (CBAM), which will make it possible to tax imports from countries with less stringent environmental standards. With the introduction of the so-called Carbon Border Tax, it will no longer be possible to import from non-EU more polluting suppliers without incurring a charge. This is intended to protect the internal production from unfair competition coming from cheaper products created without the same attention to the environment. It also aims to avoid "carbon leakage" – which would see manufacturers simply relocate their polluting production outside Europe.
But when will the CBAM actually enter into force? This mechanism will be introduced gradually, with an initial reporting-only period. Starting from 2026, it will be applied at the borders, but only for the products of the most carbon-intensive sectors such as cement, iron, steel, aluminium, fertilizers and electricity. EU’s objectives are clear: ensuring fair competition for European businesses through carbon pricing, while at the same time contributing to the reduction of global CO2 emissions.
As was expected, this measure has raised several doubts and concerns, starting from the effective reduction of CO2 emission discharged in the atmosphere (an estimate of – 0.2 % on global emissions), to the different logistic implementation problems. Not to mention that heavy industry has a greater dependence on fossil fuels compared to other sectors, such as the energy one, that have already begun the green transition. Besides, while EU claims that the CBAM fulfills the regulations of international trade, the importing countries have immediately drawn heavy criticism. Russia, Turkey and China, EU’s main suppliers, fear the severe repercussions of this measure on their exports – and this can only worsen the existing trading tensions.
However, despite all these uncertainties, a carbon border tax is necessary: without doing anything, it will be impossible to achieve the goal of zero CO2 emissions by 2050. The ideal solution would be an international carbon price floor agreement, which would incentivize the reduction of emissions worldwide. Quoting the European Commission’s Vice-President Frans Timmermans, “If every country would fulfill its Paris commitments, [the CBAM] would never have to be used”.
Attention and respect for the environmental issues have always been part of the values pursued by Fonderia Morini, which in the near future is planning to increase its green approach with further investments in renewable energy.
Sources:
https://www.ipsoa.it/documents/quotidiano/2021/08/30/arrivo-nuova-carbon-tax-frontiere-ue
https://esgnews.it/environmental/carbon-tax-cose-come-funziona-e-come-si-calcola/