New carbon reporting requirement for heavy industry

China’s Ministry of Ecology and Environment has ordered large companies in seven heavy industries to tighten their emissions reports in preparation for the European Union’s upcoming Carbon Border Mechanism (CBAM). The ministry thus centralizes the annual reporting process, previously handled locally, Bloomberg reported Thursday. According to Bloomberg, the goal is to help exporters meet the requirements of CBAM, which began gathering data in October and officially takes effect in 2026.