17 May 2022. Today the European Parliament's Committee on Environment, Public Health and Food Safety adopted the report on the regulation establishing a Carbon Border Adjustment Mechanism (CBAM). CBAM is seen as a way of preventing "carbon leakage" - that is, the movement of carbon-emitting industries to other countries - as Europe transitions to a lower-carbon economy.
Earlier in the process, an exemption for LDCs had been discussed. This was not included in the report. Instead, the press release states, Members of the European Parliament (MEPs) want the EU to provide financial support to the efforts of LDCs in decarbonising their manufacturing industries, This support must be "at least equivalent in financial value to the revenues generated by the sale of CBAM certificates" (read the EU Parliament's press release and other materials ).
The report is scheduled for a vote at the plenary session on June 6-9. After that, Parliament will start negotiations with member states.