CBAM Definitive Regime, 2026 Onwards

From Policy to Practice: Implementation, Compliance & Strategic Business Opportunities
从政策走向实践：实施路径、合规要求与战略性商业机遇

Introduction
From 1 January 2026, the EU Carbon Border Adjustment Mechanism (CBAM) transitions from a transitional reporting phase to its definitive regime, marking a pivotal moment for global supply chains trading with the EU. CBAM has moved beyond pilot reporting and enters full operational implementation — with real financial obligations attached to the embedded carbon emissions in imported goods.
This newsletter provides a concise policy overview, outlines practical steps for compliance, and offers strategic insights into how companies — including EU importers and indirect customs representatives — can transform CBAM from a regulatory burden into a competitive lever.
引言
自 2026 年 1 月 1 日起，欧盟碳边境调节机制（Carbon Border Adjustment Mechanism，简称 CBAM）将从过渡期申报阶段正式迈入全面实施阶段，这一转变标志着与欧盟进行贸易往来的全球供应链迎来关键拐点。CBAM 不再只是试点性质的排放申报工具，而是进入具有真实财务责任的全面运行阶段，进口产品所含的隐含碳排放将直接对应具体的碳成本。
本期 Newsletter 将对 CBAM 政策进行简要梳理，系统说明企业在正式实施阶段需采取的合规步骤，并进一步提供战略层面的洞见，阐释企业（包括欧盟进口商及间接海关代表）如何将 CBAM 从一项合规负担，转化为提升竞争力的战略工具。

What CBAM Is: Policy Purpose & Scope (Quick Overview)
CBAM aims to ensure that imported products bear an equivalent carbon price to that paid by EU producers under the EU Emissions Trading System (ETS) — thereby protecting EU climate ambition and mitigating carbon leakage (where production shifts abroad to lower-climate-cost jurisdictions). It is designed to be compatible with WTO rules and supports the EU’s commitment to reducing greenhouse gas emissions.
During the transitional phase (2023–2025), reporting obligations helped gather embedded emissions data that will shape definitive obligations. From 2026, financial obligations kick in, making CBAM a true carbon cost at the EU border. CBAM initially covers carbon-intensive goods and precursors such as:

• Cement
• Iron & steel
• Aluminium
• Fertilisers
• Electricity
• Hydrogen

These account for more than 50 % of emissions in ETS covered sectors.
什么是 CBAM：政策目标与适用范围（简要概览） 
CBAM 的核心目标在于确保进口产品所承担的碳成本，与欧盟本地生产商在欧盟碳排放交易体系（EU ETS）下支付的碳价保持一致，从而保护欧盟的气候目标，并防止“碳泄漏”现象（即生产活动因气候成本差异而向监管较弱地区转移）。该机制在设计上力求符合世界贸易组织（WTO）规则，并支持欧盟整体温室气体减排承诺。
在 2023—2025 年的过渡期内，CBAM 以排放申报为主，用于收集进口产品的隐含排放数据，为正式阶段的义务设定奠定基础。自 2026 年起，CBAM 将正式引入财务义务，使其成为真正意义上的“欧盟边境碳成本”机制。CBAM 初期覆盖以下高碳密集型产品及其前驱材料：

• 水泥
• 钢铁
• 铝
• 化肥
• 电力
• 氢气

上述领域合计占欧盟 ETS 覆盖行业排放量的 50% 以上。

Key CBAM Changes for 2026 Definitive Regime 

1. New De Minimis Threshold — 50 Tonnes Rule

A central reform adopted in late 2025 introduces a new mass-based exemption: importers with total annual CBAM goods below 50 tonnes will be exempt from CBAM obligations. This threshold replaces the older threshold based on intrinsic value and is expected to exempt around 90 % of importers — mostly SMEs and occasional traders — while still covering about 99 % of total emissions. 
Companies that exceed 50 tonnes in a calendar year will need to comply fully — including registration, reporting, and buying/surrendering CBAM certificates. 

• Actionable Tip: Assess your annual import volumes now. If your total CBAM-covered imports are near or above 50 tonnes, begin compliance preparations immediately. Companies slightly under the threshold may still consider voluntary registration if strategic supply chains are complex.

2026 年 CBAM 正式实施阶段的关键变化

1. 新的最低豁免门槛——50 吨规则

2025 年底通过的一项核心改革引入了新的、以质量为基础的豁免标准：年度进口 CBAM 覆盖产品总量低于 50 吨的进口商，将免于履行 CBAM 义务。该规则取代了此前基于货值的豁免门槛，预计可使约 90% 的进口商（主要为中小企业及偶发性贸易主体）获得豁免，同时仍覆盖约 99% 的总排放量。
一旦企业在一个自然年度内进口量超过 50 吨，即需全面履行 CBAM 义务，包括注册、申报以及购买和交付 CBAM 证书。

• 可操作建议：企业应立即评估年度进口规模。若 CBAM 覆盖产品接近或可能超过 50 吨，应立刻启动合规准备流程。即便略低于门槛，若供应链结构复杂，企业亦可考虑战略性自愿注册。

2. Authorised CBAM Declarant Status — Mandatory for Above-Threshold Importers

Importers (or their indirect customs representatives) importing more than the 50 tonne threshold must apply for the status of “Authorised CBAM Declarant” before the definitive regime starts. This authorisation enables you to report emissions and purchase CBAM certificates. 

• Application timing: The CBAM Registry now allows applications — with Member States processing timelines often taking months — so early submission is essential. 

For indirect customs representatives: Authorisation duties may begin from the first CBAM import under their representation. 

• Actionable Tip: Submit your authorisation application well before actually exceeding the threshold to avoid interruptions in import operations.

2. 授权 CBAM 申报人资格——超过门槛的强制要求

所有超过 50 吨门槛的进口商（或其间接海关代表），必须在正式实施阶段开始前，申请成为“授权 CBAM 申报人”（Authorised CBAM Declarant）。该资格是进行排放申报及购买 CBAM 证书的前提条件。

• 申请时间： CBAM 注册系统已开放申请，各成员国审批周期可能持续数月，提前提交至关重要。

对于间接海关代表： 其授权义务可能自首次代表客户进行 CBAM 产品进口时即开始适用。

• 可操作建议：建议在实际进口量超过 50 吨之前，提前完成授权申请，以避免进口流程中断。

3. CBAM Certificates — Price and Reporting

Authorized CBAM declarants will purchase CBAM certificates from national authorities in their EU Member State of establishment.

• Certificate prices will be linked to the EU ETS auction price, expressed in €/tonne of CO₂ emitted — quarterly average in 2026, weekly average from 2027 onward.
• CBAM certificates must be surrendered annually to match the declared embedded emissions in your imports.

If importers can prove a carbon price was already paid in the country of production, this amount can be deducted from the certificates required — helping to avoid double pricing.

• Actionable Tip: Establish processes with your upstream suppliers to collect robust emissions data and carbon price documentation early — this is essential for cost deductions and verification.

3. CBAM 证书：价格机制与申报要求

 授权 CBAM 申报人需向其所在欧盟成员国的国家主管机构购买 CBAM 证书。

• 证书价格将与欧盟 ETS 拍卖价格挂钩，以 欧元/吨二氧化碳计价— 2026 年采用季度平均价，自 2027 年起采用周平均价。
• 企业需每年交付相应数量的 CBAM 证书，以匹配其申报的进口产品隐含排放量。

如果进口商能够证明在生产国已为相关排放支付碳价，该部分金额可从所需 CBAM 证书中扣减，从而避免“双重定价”。

• 可操作建议：尽早与上游供应商建立协作机制，系统收集可靠的排放数据及碳价支付证明，这对于成本抵扣与核查至关重要。

Operational Requirements & Deadlines

Note: Some procedural deadlines (e.g., first reporting and surrender dates) have been extended compared to earlier drafts, giving companies more time for adaptation.

运营要求与关键时间节点 

注：部分程序性期限相较早期草案有所延后，为企业提供了更充足的适应时间。

Business Impacts & Strategic Implications
Implementation Challenges

• Emissions Data Collection: Companies must trace direct and indirect emissions from production to shipment. This often requires new internal systems or partnerships with suppliers.  
• Verification & Certification: Verification of carbon data is essential — default emissions values may apply if data is missing, potentially increasing CBAM costs.  
• Administrative Burden: Even with simplifications, compliance requires precise documentation, IT system integration, and regular reporting.

商业影响与战略含义
实施层面的主要挑战

• 排放数据收集： 企业需追溯从生产到运输环节的直接与间接排放，往往需要新建内部系统或与供应商合作。
• 核查与认证： 排放数据必须经过核查；若数据缺失，将适用默认排放值，可能显著抬高 CBAM 成本。
• 行政负担： 即便规则有所简化，合规仍需精细化文件管理、IT 系统对接及持续申报。

Sectoral Guidance — China–EU Trade Context
Aluminium — Exporters vs EU Importers
Chinese exporters: High electricity-related emissions drive CBAM exposure. Coal-based production increases costs for EU buyers, while renewable-powered aluminium gains a competitive edge. Exporters should enhance renewable sourcing, emissions accounting, and third-party verification.
EU importers: Carbon intensity must be integrated into sourcing. Early engagement with Chinese suppliers on emissions verification reduces compliance risk and improves CBAM cost predictability.
Steel — Exporters vs EU Importers
Chinese exporters: BF-BOF steel faces high CBAM costs. Accelerating decarbonisation via scrap utilisation, EAF expansion, and hydrogen-based steel is essential to maintain EU market access.
EU importers: CBAM transforms carbon intensity into a commercial factor. Differentiating suppliers by production route and emissions transparency is key to stabilising costs and ensuring long-term supply.
Cement — Exporters vs EU Importers
Chinese exporters: Cement’s high process emissions make accurate reporting and clinker/fuel mix optimisation critical. Transparent emissions data prevents default values and excessive CBAM costs.
EU importers: Procurement decisions must prioritise low-carbon Chinese suppliers. Early cooperation on emissions and decarbonisation pathways mitigates CBAM exposure and aligns with EU construction decarbonisation objectives.
Hydrogen — Exporters vs EU Importers
Chinese exporters: Fossil-based hydrogen carries high CBAM liability. Renewable-based hydrogen with verified lifecycle emissions provides future market access.
EU importers: Early engagement with low-carbon hydrogen producers secures compliant supply chains for sectors such as steel, chemicals, and heavy transport.
Electricity — Exporters vs EU Importers
Chinese exporters: High coal-based generation increases CBAM exposure. Renewable electricity production strengthens EU competitiveness and market positioning.
EU importers: Accurate emissions data and low-carbon sourcing are essential. CBAM signals that future electricity trade and embedded energy in products will increasingly favor low-carbon sources.
行业视角：中国—欧盟贸易背景下的 CBAM 指引
铝行业——出口商与欧盟进口商
中国出口商：以煤电为主的电力结构显著推高 CBAM 风险，而可再生能源驱动的铝产品具备明显竞争优势。出口商应加强可再生能源使用、排放核算及第三方核查。
欧盟进口商：采购决策需纳入碳强度指标，及早与中国供应商沟通排放核查，有助于降低合规风险并提升成本可预测性。
钢铁行业——出口商与欧盟进口商
中国出口商：高炉—转炉（BF-BOF）路线钢铁面临较高 CBAM 成本，加速废钢利用、电弧炉（EAF）扩张及氢冶金转型至关重要。
欧盟进口商：CBAM 使碳强度成为商业决策变量，通过区分生产路线与排放透明度，有助于稳定成本与长期供应。
水泥行业——出口商与欧盟进口商
中国出口商：水泥工艺排放高，准确申报及熟料比例与燃料结构优化尤为关键，可避免默认排放值带来的高额成本。
欧盟进口商：采购应优先考虑低碳中国供应商，提前合作有助于降低 CBAM 风险，并符合欧盟建筑脱碳目标。
氢气——出口商与欧盟进口商
中国出口商：化石能源制氢 CBAM 成本高，具备全生命周期核查的可再生氢更具未来市场潜力。
欧盟进口商：及早锁定低碳氢供应，对钢铁、化工及重型交通等行业至关重要。
电力——出口商与欧盟进口商
中国出口商：以煤电为主的发电结构将面临较高 CBAM 成本，而可再生电力有助于提升对欧竞争力。
欧盟进口商：准确排放数据与低碳来源将成为未来电力及隐含能源贸易的核心要素。

Opportunities Arising from CBAM
While CBAM introduces clear compliance needs, it also unlocks strategic opportunities for companies ready to adapt early:

1. Carbon Transparency Can Be a Competitive Differentiator

Companies that invest in accurate lifecycle emissions accounting can:

• justify carbon price deductions;
• attract EU partners prioritising low-carbon supply chains;
• strengthen sustainability credentials.

This can translate into commercial advantage and pricing leverage.

2. Engage Early on Supplier Decarbonisation

Large importers can help their non-EU suppliers:

• establish certified emissions inventories;
• qualify for carbon price deductions;
• improve global market access.

This positions importers as preferred partners in sustainability-focused procurement chains.

3. Carbon Cost Optimization & Hedging

Understanding how CBAM certificate prices relate to ETS prices provides potential for:

• carbon cost forecasting;
• internal carbon pricing strategies aligned with EU market expectations;
• competitive bidding on supply contracts based on low embedded emissions.

CBAM 带来的新机遇
虽然CBAM带来了明确的合规要求，但它也为那些准备提前适应的企业提供了战略机遇：

1. 碳透明度成为竞争优势

投资于高质量全生命周期排放核算的企业，可：

• 合理抵扣碳价
• 吸引重视低碳供应链的欧盟合作伙伴
• 强化可持续发展形象

从而获得商业溢价与谈判优势。

2. 提前推动供应商脱碳

大型进口商可协助非欧盟供应商：

• 建立合规的排放清单
• 获得碳价抵扣资格
• 提升全球市场准入能力

从而在可持续采购体系中成为优选合作伙伴。

3. 碳成本优化与风险管理

理解 CBAM 证书与 ETS 价格联动机制，有助于：

• 进行碳成本预测
• 建立内部碳定价体系
• 基于低排放优势进行竞争性投标

Practical Recommendations
For EU Importers / Customs Representatives

• Immediately map import volumes against the 50-tonne threshold.
• Begin CBAM declarant authorisation applications now.
• Implement emissions data collection systems.
• Coordinate with suppliers to collect verified emissions reports and carbon price proof.

For Non-EU Producers / Exporters

• Provide customers with robust emissions data AND carbon pricing documentation to enable deductions under CBAM.
• Consider aligning production processes with global carbon pricing trends to reduce future CBAM liabilities.

实用建议
面向欧盟进口商 / 海关代表

• 立即评估是否接近 50 吨门槛
• 启动授权 CBAM 申报人申请
• 建立排放数据管理体系
• 与供应商协同获取核查报告与碳价证明

面向非欧盟生产商 / 出口商

• 向客户提供完整、可核查的排放与碳价文件
• 主动对接全球碳定价趋势，降低未来 CBAM 风险

Key Takeaways for China–EU Trade under the CBAM Definitive Regime
From 2026 onwards, CBAM will reshape China–EU trade in carbon-intensive goods by embedding carbon performance directly into market access and pricing dynamics. Across aluminium, steel, cement, hydrogen and electricity, the decisive factor will no longer be production cost alone, but the carbon intensity of production processes and the quality of emissions data provided. CBAM effectively transforms carbon transparency into a commercial requirement, rewarding producers and exporters that can demonstrate lower embedded emissions and penalising those relying on carbon-intensive energy and technologies.

For Chinese exporters, CBAM acts as a structural signal to accelerate decarbonisation, strengthen emissions monitoring systems and align production pathways with internationally recognised carbon accounting methodologies. Exporters that proactively invest in cleaner energy sources, process optimisation and third-party verification will be better positioned to maintain stable access to the EU market, while those unable to provide credible emissions data risk losing competitiveness due to higher CBAM costs borne by EU customers.

For EU importers and indirect customs representatives, CBAM requires a fundamental shift from transactional sourcing to strategic, carbon-aware procurement. Import decisions must increasingly integrate emissions profiles, production routes and long-term decarbonisation commitments of suppliers. Early engagement with Chinese partners, combined with robust internal compliance systems and CBAM cost forecasting, will be essential to manage regulatory exposure, avoid default emission values and ensure supply chain resilience.

Overall, CBAM should be understood not merely as a border compliance mechanism, but as a long-term driver of convergence between EU climate policy and China–EU industrial cooperation. Companies on both sides that treat CBAM as an opportunity to upgrade supply chains, improve transparency and align with global decarbonisation trends will be best positioned to navigate the transition and capture sustainable trade advantages in the years ahead.
CBAM 正式实施下的中欧贸易关键启示
自 2026 年起，欧盟碳边境调节机制（CBAM）将通过将碳绩效直接嵌入市场准入与定价机制，重塑中欧高碳产品贸易格局。在铝、钢、水泥、氢气与电力等领域，决定性因素不再仅是生产成本，而是生产过程的碳强度以及排放数据的质量与可信度。CBAM 实质上将碳透明度转化为商业准入条件，奖励低排放生产者，惩罚高碳路径。

对中国出口商而言，CBAM 是加速脱碳、强化排放监测体系并对接国际碳核算标准的结构性信号，并使生产路径与国际公认的碳核算方法相一致。积极投资于清洁能源、工艺优化和第三方验证的出口商，将更有能力保持稳定的欧盟市场准入，而那些无法提供可靠排放数据的出口商，则可能因欧盟客户承担更高的碳边境调节机制成本而失去竞争力。

对欧盟进口商和间接海关代表而言，CBAM 要求从交易型采购转向战略性、碳敏感型采购模式。进口决策必须越来越多地考虑供应商的排放概况、生产路线和长期脱碳承诺。与中国合作伙伴的早期接触，结合稳健的内部合规体系和CBAM成本预测，对于管理监管风险、避免默认排放值和确保供应链韧性至关重要。

总体而言， CBAM不应仅仅被视为一种边境合规机制，而应视为推动欧盟气候政策与中国-欧盟产业合作趋同的长期动力。双方企业若将CBAM视为升级供应链、提高透明度以及顺应全球脱碳趋势的契机，则将在未来几年中处于最有利的地位，顺利实现转型并获得可持续贸易优势。

Conclusion
The CBAM definitive regime from 2026 is no longer a future concern — it is a present operational reality. While the policy introduces significant compliance requirements, it also provides a framework for businesses to embed carbon management into global trade strategies, boosting competitiveness in an increasingly climate-conscious market.

• Carbon performance now drives competitiveness across aluminium, steel, cement, hydrogen, and electricity.
• Chinese exporters must decarbonise production, improve emissions transparency, and align with EU accounting standards to maintain market access.
• EU importers must integrate carbon metrics into sourcing, engage suppliers proactively, and forecast CBAM costs.
• CBAM creates strategic opportunities for early adopters, enabling carbon-conscious supply chains, long-term partnerships, and compliance with EU climate goals.
• CBAM is not just a regulatory burden, but a driver for China–EU industrial convergence and sustainable trade.

结语
CBAM 正式实施已不再是未来议题，而是当前的运营现实。尽管其带来显著合规挑战，但也为企业将碳管理融入全球贸易战略提供了制度框架，并在气候意识不断增强的市场中提升竞争力。

• 碳绩效现已成为铝、钢铁、水泥、氢能和电力行业竞争力的驱动力。
• 中国出口商必须实现生产脱碳，提高排放透明度，并遵守欧盟的会计准则，以保持市场准入。
• 欧盟进口商必须将碳指标纳入采购流程，主动与供应商沟通，并预测碳边境调节机制（CBAM）的成本。
• CBAM为早期采用者创造了战略机遇，使其能够实现具有碳意识的供应链、建立长期合作伙伴关系，并符合欧盟的气候目标。
• CBAM不仅是一种监管负担，更是推动中欧产业融合和可持续贸易的驱动力。