Thursday, October 28, 2021
HomeEU affairsThe Carbon Border Adjustment Mechanism to contribute to boosting the EU-based economy

The Carbon Border Adjustment Mechanism to contribute to boosting the EU-based economy

The European Union is responsible for only approximately 10 per cent of the global greenhouse gas (GHG) emissions. Thus, an important pillar of its global leadership in combating climate change should be climate diplomacy. This is what emerged during a discussion on the Carbon Border Adjustment Mechanism (CBAM) organised by Politico in cooperation with the Polish Electricity Association (PKEE). 

“The Carbon Border Adjustment Mechanism was announced as a comprehensive tool to address the environmental impact of import of products and energy from the third countries not applying climate protection policies equivalent to the measures adopted by the EU,” underlined Wojciech Dąbrowski, President of the Management Board of the PKEE and of the PGE Group.

According to him recent disruptions in the global market, due to the COVID-19 crisis, have highlighted the importance of EU-produced components for the practical implementation of ambitious renewable energy projects.

“Ensuring a level playing field for the EU industry requires putting a similar financial burden on imported goods,” he continued. “Otherwise, the EU industry will lose its competitiveness in the developing and emerging markets.” 

Moreover, the PKEE believes that funds collected through the Carbon Border Adjustment Mechanism should be earmarked for energy transformation in the EU and be in particular allocated in the territories facing serious socio-economic challenges.

“We believe that in the long term the CBAM may contribute to boosting the EU-based economy,” Mr Dąbrowski added.

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