Establishment of carbon borders not met by climate finance commitments

The European Union (EU) is one of the first regions to establish a Carbon Border Adjustment Mechanism (CBAM) scheme, with the current requirement that companies report on the total carbon footprint of products imported into the EU. The six products currently being subjected to the CBAM requirements are iron, steel, fertiliser, aluminium, cement and electricity and many developing countries, including South Africa, view CBAM as a non-tariff barrier to trade, speakers noted during a webinar hosted by Creamer Media on July 10.