ECOFIN CBAM agreement with major gaps

While the EU Parliament is still struggling to find a majority position on the Carbon Border Adjustment Mechanism (CBAM), the EU finance ministers agreed on a general approach on Tuesday. However, some elementary questions remain unresolved.

The European Union’s Economic and Financial Affairs Council (ECOFIN) largely agreed on the French Presidency’s compromise proposal, published last week (Europe.Table reported). To be sure, some member states still had unanswered questions and called for further analysis and impact assessments through the introduction of the CBAM. However, nearly all ministers or their representatives appeared eager to set the general direction of the Council. The CBAM is seen as a central part of the Fit for 55 package and the strategy for decarbonizing industry.

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