(MENAFN- Trend News Agency) TASHKENT, Uzbekistan, October 8. The Uzbekistan delegation held a meeting with representatives of the European Commission's General Directorate for the Tax and Customs Union and the General Directorate for Climate Action to discuss carbon market mechanisms, the implementation of the CBAM (Carbon Border Adjustment Mechanism) regulation, and cooperation on a low-carbon economy, Trend reports.

The first meeting focused on an exchange of views with Tomasz Michalak, Coordinator for Eastern Europe and Central Asia of the Department of International Coordination and EU Enlargement of the General Directorate for Tax and Customs Union of the European Commission, regarding the "Omnibus I" legislative package adopted by the Council of Europe, aimed at simplifying and strengthening the "Transboundary Carbon Regulation Mechanism."

One of the main changes envisaged in this newly adopted regulation is that products with a total volume of up to 50 tons within the framework of the CBAM mechanism will not be affected by this mechanism for one year.

At the same time, negotiations were held with representatives of the European Commission's Climate Action Directorate-Thomas Bernheim, Stine Rasmussen, and Maja-Alexandra Dittel-on the implementation of carbon market mechanisms to achieve a low-carbon economy. During this meeting, the EU's experience in reducing greenhouse gas emissions by enterprises, promoting renewable energy, and increasing energy efficiency in business was studied.

In particular, information was shared on the EU Emissions Trading System (EU ETS), the sectors covered, emission limits, necessary infrastructure for carbon quota trading, and the EU's role in achieving climate goals.

Following the meetings, it was noted that, under the simplified CBAM requirements, there is potential to develop cooperation to provide technical assistance for establishing a local emission trading system aligned with CBAM standards between the EU and non-EU countries.

The EU's CBAM is a tool for levying a carbon tax on carbon-emitting products (products that emit a large amount of greenhouse gases during production) exported to the EU and stimulating clean industrial production in non-EU countries and will come into force from 2026.

The EU ETS, operating since 2005, is one of the world's largest carbon markets. It allocates emission quotas to energy producers, large industrial sectors, and aviation companies, who must cover their emissions with these quotas. Enterprises producing less than their quota can sell the excess, while those exceeding it must compensate through trading. By 2024, the emissions covered by the EU ETS are 50 percent lower than in 2005, and total revenue to date has exceeded 200 billion euros, with over 43 billion euros allocated to climate action projects in 2023 alone.

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