Transcription of establishing a carbon border adjustment ... - ec.europa.eu
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establishing a carbon border adjustment ... - ec.europa.eu
EN EN EUROPEAN COMMISSION Brussels, COM(2021) 564 final 2021/0214 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a carbon border adjustment mechanism (Text with EEA relevance) {SWD(2021) 643 final} - {SWD(2021) 644 final} - {SWD(2021) 647 final} - {SEC(2021) 564 final} EN 0 EN explanatory memorandum 1. CONTEXT OF THE PROPOSAL Reasons for and objectives of the proposal The world is facing a profound climate crisis and the challenges of climate change require a global response. Strong international cooperation will strengthen the joint climate action needed by all the Parties of the Paris Agreement to meet the goal of holding the increase in the global average temperature to well below 2 C above pre-industrial levels and pursuing efforts to limit the temperature increase to C above pre-industrial levels1.
EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL ... the carbon price signal from the EU ETS is strengthened, incentivising Union producers to reduce their emissions, but widening the difference with countries without carbon pricing mechanisms. Moreover, overall free allocation will also decline over time, in line with the
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