- Registration date2024-05-14
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The Ministry of Trade, Industry and Energy (MOTIE) held a conference on May 14 regarding the UK’s Carbon Border Adjustment Mechanism (CBAM) with related industries' representatives to gather opinions and discuss joint response measures.
The UK CBAM is to cover steel, aluminum, cement, fertilizer, hydrogen, ceramics, and glass and push for legislation after collecting stakeholders’ opinions by June 13 this year. As of 2023, Korea exports USD 300 million worth of steel to the UK, equivalent to 98 percent of the aggregate export value of the seven aforementioned items.
The majority of industries’ representatives viewed that the UK’s CBAM will not likely incur significant additional costs owing to its similarity to the EU’s CBAM, while some raised concerns regarding the quarterly report of greenhouse gas emissions and absence of transition periods prior to full enforcement in 2027.