On 1 October 2023, the European Union (“EU”) implemented the Carbon Border Adjustment Mechanism (“CBAM”). This will create a major difficulty for the Indian industry, which will have to adapt to the new CBAM rules.
The CBAM will initially cover a handful of sectors like iron, steel, aluminum, hydrogen, and fertilizers. The day when the scope of the CBAM will be expanded to cover the broader chemicals sector is not far away. Given the economic importance of exports for the Indian chemicals sector, it is important for the Indian industry to start thinking of the larger picture right away. This will require the Indian chemicals sector to put in place a strategy for decarbonization and a mechanism for reporting data on its carbon footprint.
With the objective of alerting the Indian chemicals industry to the implications and challenges that lie ahead, CHEMEXCIL is organizing the Webinar on “EU’S CARBON BORDER ADJUSTMENT MECHANISM (CBAM) “in association with Lakshmikumaran & Sridharan (LKS)
Speaker: Mr. Ankur Sharma, Partner, LKS