Taiwan's Ministry of Economic Affairs estimates that the EU has listed 248 carbon limit adjustment mechanisms (CBAMs) worth NT$24.5 billion*, which will affect approximately 212 products exported from Taiwan to Europe, mainly steel products.
The EU was scheduled to apply carbon limit tariffs on cement, steel and energy-intensive industries from 2023, which will be fully effective in 2026.
The EU has required importers to submit the CBAM certificate based on the total carbon content of the products, and the carbon price is equal to the auction price of the EU Emissions Trading System.
The Ministry of Economic Affairs assessed that Taiwanese products exported to Europe will not be affected much by CBAM in the short term, as the volume of exports to the EU is low and the carbon content of the products is better than the world average. However, the USA, Canada, Japan and other countries still need to watch whether they will follow the EU's move in the future.
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