14:47 10.04.2021

CBAM is most realistic in form of carbon emissions trading system – Dpty PM

2 min read
CBAM is most realistic in form of carbon emissions trading system – Dpty PM

The scenario of the introduction by the European Union of the EU carbon border adjustment mechanism (CBAM) in the form of an emissions trading system looks the most realistic, Deputy Prime Minister of Ukraine for European and Euro-Atlantic Integration Olha Stefanishyna said.

"The emissions trading system will also be introduced in Ukraine. This is our obligation under the Association Agreement with the EU. Big business already knows about these obligations, and the ministries are working out appropriate solutions," she told Interfax-Ukraine on April 9.

The deputy prime minister believes that due to different "starting conditions" in comparison with European countries, Ukraine has the right to expect some steps towards meeting from the EU.

"In particular, the implementation of (CBAM) in relation to Ukraine should be commensurate with the economic and financial capabilities of Ukrainian business, the country's climate agenda and the Association Agreement," Stefanishyna said.

She also said the Ukrainian side has already managed to hold the first round of consultations with EU Commissioner for Economy Paolo Gentiloni, who is responsible for developing this decision.

The deputy prime minister said that in these negotiations she persistently defends the position that Ukraine needs to have access to information. "We do not want to learn after the fact about decisions that affect the interests of Ukraine. We want to give Ukrainian business an opportunity to prepare for any changes," she said.

Stefanishyna said that Kyiv also clearly communicates the position that any EU decision should not violate the terms of the free trade area with Ukraine or worsen the terms of trade enshrined in the Association Agreement.

"I am also proud that the consolidation of our efforts with other countries has pushed the EU to come out with an official statement that the carbon adjustment mechanism at the border will be trade neutral. In other words, it will not affect trade as a direct trade restriction," the deputy prime minister said.

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