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SUMMARY:EACC NY | EU CBAM and its Implications for US Companies - Get Ready for the Carbon Border Adjustment Mechanism
DESCRIPTION:  \nThe European Union (EU) introduces a groundbreaking policy: the Carbon Border Adjustment Mechanism (CBAM). \nCBAM\, a strategic initiative designed to harmonize the EU’s ambitious climate objectives with international trade practices. By addressing the complexities of carbon leakage and establishing a level playing field for domestic and foreign producers\, CBAM marks a significant step in the EU’s journey towards a sustainable future. \nThis mechanism aims to cut greenhouse gas (GHG) emissions by at least 55% by 2030\, advancing towards climate neutrality by 2050. Aligned with the EU Emission Trading System (EU ETS)\, CBAM forms part of the “Fit for 55” package\, specifically addressing the risks of carbon leakage – a phenomenon where production migrates outside the EU due to varied emission costs. \nPreviously\, to mitigate carbon leakage\, certain industries received free emission allowances under the EU ETS. However\, CBAM introduces a paradigm shift. It aims to level the playing field by imposing comparable carbon costs on imports from non-EU countries\, focusing on sectors at high risk of leakage\, such as cement\, iron\, steel\, aluminum\, fertilizers\, hydrogen\, and electricity\, including certain related products. \nCBAM’s rollout involves two phases: a transitional period (October 2023 to December 2025) focusing on data reporting without financial implications\, followed by a definitive period commencing January 2026. In the latter phase\, embedded emissions will gradually come under CBAM obligations\, with free allowances phased out by 2034. This approach mirrors the EU ETS\, requiring EU operators to pay for emissions and importers to acquire CBAM certificates reflecting EU ETS prices. Compliant with World Trade Organization regulations\, CBAM uniformly applies to all imports from outside the EU. \nOur panel will help us better understand how CBAM will affect US companies and how to prepare effectively for this important policy change. \nI. Introduction to CBAM and its Purpose\n• Why is the EU implementing CBAM\, how will it work and where are we in the process?\n• Interaction of CBAM with the EU Emissions Trading System (ETS) and its compatibility with other ETS systems outside the EU \nII. Scope and Coverage of CBAM\n• Sectors covered by CBAM and reasons for their selection\, and goods under the scope of CBAM\n> Handling of ‘second hand’ and ‘returned’ goods\n> Addressing carbon leakage of finished or semi-finished products\n> Consideration of packaging in CBAM \nIII. Reporting Obligations and Procedures\n• Customs and Reporting Procedures\n• Responsibilities of importers and reporting entities\n• Reporting deadlines and possible Penalties for non-compliance\n• Challenges and solutions for reporting\, including technical errors and data acquisition from suppliers \nIV. Methodology for Calculating Embedded Emissions\n• Determining embedded emissions for various goods\n• Handling of alternative methods and verification of equivalence \nV. Specific Case Studies and Industry Focus \nVI. Transition Period & final implementation: What to expect \n\nSPEAKERS:\n• Micha Hirschinger\, Senior VP\, ALIXPARTNERS\n• Vicente Hurtado-Roa\, Head of Unit – CBAM\, Energy and Green Taxation\, DG TAXUD (EUROPEAN COMMISSION)\n• Paolo Pinto\, Key Accounts Sales Director\, STEELFORCE PACKAGING\n• Clement Silva\, Partner\, OSRICH\n• Yvonne Bendinger-Rothschild\, Executive Director\, EACCNY [Moderator] \nREGISTER HERE\n  \nTHIS IS A FREE WEBINAR FOR both EACC Members and non-Members \nREGISTRATION FEE: EACCNY Member: Free EACCNY non-Member: Free LOCATION: Online \nFor more information and other EACC events visit www.eaccny.com
URL:https://www.eacctx.com/2event/eacc-ny-eu-cbam-and-its-implications-for-us-companies/
LOCATION:Virtual
CATEGORIES:Partner Events
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DTSTART;TZID=Europe/Paris:20240520T120000
DTEND;TZID=Europe/Paris:20240520T130000
DTSTAMP:20260508T171612
CREATED:20240517T175919Z
LAST-MODIFIED:20240517T175919Z
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SUMMARY:EACC NY | Webinar - Quarterly EU Economic Update: Springtime in Europe – The Return of Growth and Prospects for the Year Ahead
DESCRIPTION:  \nFirst quarter growth proved better than expected in Europe. In both the Euro Area and EU as a whole\, GDP expanded 0.3% as Germany returned to growth and Spain\, Ireland\, and the Baltics (among others) reported strong expansions. These green shoots are welcome following a challenging 2023 in the EU and growth is expected to gradually pick up over the course of the year as the headwinds from tight financial conditions fade and falling inflation along with a still solid labor market helps boost real disposable income. The growth divergence between the US and EU that marked 2023 is already closing\, with the US just barely growing faster than the EU (0.4% to 0.3%) over the first three months of the year. \nYet 2024 holds a few uncertainties on both sides of the Atlantic. Financial conditions remain restrictive\, with both the ECB and the Fed\, focused on incoming inflation and labor market data as they assess any potential changes to their monetary policy stances. Supply chains are being reshaped as firms and policy makers aim to improve resilience and promote investment in critical economic sectors. \nBoth the EU and the US will hold consequential elections this year – the EU in June and the US in November. These elections could have important policy implications touching on everything from the fiscal impetus to industrial policy\, climate change\, and trans-Atlantic relations. \nPlease join us for an in-depth discussion of the economic outlook in Europe and the major challenges and opportunities facing the EU and US over the coming year. The panel will address: \n• Recent economic developments the EU and US (Employment dynamics\, Growth across the continent)\n• Debt development across Europe (Consumer\, corporate & member states)\n• Inflation dynamics (consumer spending\, corporate spending)\n• Energy markets\n• Deficit spending and fiscal sustainability\n• Industrial policy\n• Upcoming elections \n\n\nREGISTER HERE \nThis webinar was organized in partnership with: \n \n\nSPEAKERS:\n• Ben Carliner\, Senior Economist\, DELEGATION OF THE EU TO THE U.S.\n• Dimitrios Rakitzis\, Senior Economist\, ECB REPRESENTATION IN WASHINGTON\, D.C.\n• Yvonne Bendinger-Rothschild\, Executive Director\, EACCNY [Moderator]\n\nREGISTRATION FEE:\n> EACCNY Members: Free\n> EACCNY non-Members: Free\n\nLocation:\nOnline
URL:https://www.eacctx.com/2event/eacc-ny-webinar-quarterly-eu-economic-update-springtime-in-europe-the-return-of-growth-and-prospects-for-the-year-ahead/
LOCATION:Virtual
CATEGORIES:Partner Events
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