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What will the CBAM reporting process be like?
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What will the CBAM reporting process be like?
The CBAM reporting process is an important responsibility for businesses importing into the EU. It requires businesses to report greenhouse gas emissions from imported products in an accurate and timely manner.
The CBAM reporting process consists of the following stages:
Calculation: Importers are required to calculate the GHG emissions from the products they import. This calculation should take into account GHG emissions during the production, transportation and use of the products.
Reporting: Importers are required to report their calculated emissions to the EU. This should include the date, quantity and emissions when the products were imported.
Verification: The EU will review and verify the accuracy of importers' reports. Reports that are not verified will be considered invalid and importers will be penalized.
Importers will have to submit their reports to the EU at the end of each quarter for the products they import. The reports can be written in English or French.