The first two deadlines for submitting quarterly CBAM reports are now behind us. During the first reporting period, over 15,300 CBAM reports were submitted, with an additional 3,100 still in draft status. The EU Member State with the highest number of submitted reports was Germany, with over 2,200, and the majority of CBAM reports were submitted for goods in the iron and steel sector.
Most of the quarterly CBAM reports were prepared using the default values published by the European Commission - an option available during the first three reporting periods: Q4 2023, and Q1 and Q2 2024. Starting from the third quarter of 2024, companies will be required to report actual embedded emissions, which will necessitate the establishment of emission measurement and reporting systems in line with the EU methodology outlined in the regulation. The deadline for submitting reports based on actual emission values is October 31, 2024.
Currently, the CBAM regulation covers products from energy-intensive industries identified as carbon-intensive, specifically in the sectors of cement, aluminium, fertilizers, iron and steel, hydrogen, and electricity. In the coming period, the European Union will consider expanding the scope of the regulation to cover additional goods, more downstream products, and the inclusion of transport-related emissions in reporting obligations.
