Clifford Chance

A proposal for reform of the EU’s Carbon Border Adjustment Mechanism (CBAM) has been included as part of the European Commission’s Omnibus 1 package of sustainability legislation reforms. While many criticisms of the CBAM have been levelled at its impact on developing countries, these proposals primarily aim at reducing the complexity of CBAM obligations that heavily impact small companies, offering exemptions for importers of small quantities and streamlining compliance for others. 

COP29, the 29th annual United Nations climate meeting will take place in Azerbaijan from 11-22 November 2024. It is likely to focus on: agreeing a new commitment to provide climate finance to developing countries; encouraging countries to commit to more robust 2035 climate change targets; putting in place measures to help countries cope with the impact of climate change; and pushing forward discussions around Article 6 to build a well-regulated international carbon market.

At COP29, the global community is meeting in the hope of driving critical progress on climate commitments. Against this backdrop, our London Environment Group has launched a new report which explores recent developments concerning the Paris mechanisms and the VCM and makes recommendations for actions that need to be taken if they are to reach their full capabilities.