Earlier, at an event held in COP28’s China Pavilion Dec. 4, Chinese environment ministry official Sun Zhen had told the European Commission’s DG for Climate Action “if you want to lead the world, you should stop your CBAM, that’s the simple message.”
Seeking to calm tempers, Hoekstra invited “all companies or countries that might be worried to look into the specifics and the mechanics [of CBAM] and have a dialogue with the European Union.”
Sooner or later more countries would implement CBAM-style policies, the EU official said.
“Maybe CBAM will evolve into a plurilateral mechanism, a carbon club. That’s what China, and its allies in CBAM-related negotiations, are really worried about,” an EU and China climate policy researcher told S&P Global Commodity Insights at COP28.
Australia, the US and the UK are all developing CBAM-alike policies.
Platts, part of S&P Global Commodity Insights, assessed the price EU Allowances (December 2024) at Eur71.58/mtCO2e ($77.20/mtCO2e) Dec. 5.
The weighted average price of China’s compliance emission allowances or CEAs was Yuan 70.53/mtCO2e ($9.88/mtCO2e) as of Dec. 1, Shanghai Environment and Energy Exchange data showed.
