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1、he ForREE。UlRcES 由/% FUTU REansm, tne n Act, and ion Fee ActUnion Carb( AdjustmentAbouttheAuthorsMilanElkerboutisafellowatRFFworkingoninternationalclimatepolicyandonEuropeanclimatepoliciestodecarbonizeenergy-intensiveindustriesinparticular.HehasworkedextensivelyontheEuropeanUnionsemissionstradingsys

2、tem(EUETS),itsvariousreforms,anditsroleindecarbonizingindustry.Elkerbouthasledpolicyresearchongreensteelcarboncaptureandcarbonremovals,carbonleakage,climateclubs,aswellastheEUsresponsetotheCOVID-19pandemic,energycrisis,andUSInflationReductionAct.Hehasalsowrittenonindustrialandinnovationpolicy,thetra

3、de-climatepolicynexus,andsupranationalgovernance,andhasworkedwithpolicymakers,industry,civilsociety,andacademia.ElkerbouthasabackgroundinEuropeanpoliticaleconomy.Between2014and2023,hewasworkingforCEPS,apolicythinktankinBrussels,asaresearchfellowandheadofitsclimateprogram.Fromspring2019,hespentayeara

4、savisitingfellowatIVLStockholmaspartoftheMistraCarbonExitresearchprogram.RaymondKoppisaseniorfellowatResourcesfortheFuture(RFF).HeholdsPhDandMAdegreesineconomicsandanundergraduatedegreeinfinance.HehasbeenamemberoftheRFFresearchstaffsince1977andhasheldavarietyofmanagementpositionswithintheinstitution

5、.Koppsinterestinenvironmentalpolicybeganinthelate1970s,whenhedevelopedtechniquestomeasuretheeffectofpollutioncontrolregulationsontheeconomicefficiencyofsteamelectricpowergeneration.HethenledthefirstexaminationofthecostofmajorU.S.environmentalregulationsinafull,generalequilibrium,dynamiccontextbyusin

6、ganapproachthatisnowwidelyacceptedasstate-of-the-artincost-benefitanalysis.DuringhiscareerKopphasspecializedintheanalysisofenvironmentalandnaturalresourceissueswithafocusonfederalregulatoryactivity.Heisanexpertintechniquesofassigningvaluetoenvironmentalandnaturalresourcesthatdonothavemarketprices,wh

7、ichisfundamentaltocost-benefitanalysisandtheassessmentofdamagestonaturalresources.Koppscurrentresearchinterestsfocusonthedesignofdomesticandinternationalpolicestocombatclimatechange.KevinRennertisafellowatRFF,wherehefirstjoinedasavisitingfellowin2017.PriortohisarrivalatRFF,Rennertservedasdeputyassoc

8、iateadministratorfortheOfficeofPolicyattheUSEnvironmentalProtectionAgency.LeadinguptohisappointmentintheOfficeofPolicy,heworkedassenioradvisoronEnergyfortheSenateFinanceCommittee.Inthatrole,RennertadvisedthecommitteesChairman,SenatorRonWyden(D-OR)zonawiderangeoftopicsrelatedtocleanenergy,efficiency,

9、andpoliciestoreducegreenhousegasemissions.From2008to2014,heworkedonenergyandclimatelegislationasseniorprofessionalStafffortheSenateEnergyCommittee.Inthatcapacity,RennertledthedevelopmentoftheCleanEnergyStandardActof2012(S.2146),apresidentialprioritythatwouldusemarketmechanismstodoubletheamountofelec

10、tricitygeneratedintheUSfromloworzerocarbonsourcesby2035.In2010and2011,RennertalsotaughtgraduatecoursesinenergypolicyasadjunctfacultyintheDepartmentofStrategicManagementandPublicPolicyatGeorgeWashingtonUniversity.AboutRFFResourcesfortheFuture(RFF)isanindependent,nonprofitresearchinstitutioninWashingt

11、on,DC.Itsmissionistoimproveenvironmental,energy,andnaturalresourcedecisionsthroughimpartialeconomicresearchandpolicyengagement.RFFiscommittedtobeingthemostwidelytrustedsourceofresearchinsightsandpolicysolutionsleadingtoahealthyenvironmentandathrivingeconomy.Theviewsexpressedherearethoseoftheindividu

12、alauthorsandmaydifferfromthoseofotherRFFexperts,itsofficers,oritsdirectors.SharingOurWorkOurworkisavailableforsharingandadaptationunderanAttribution-NoncommerciaI-NoDerivatives4.0International(CCBY-NC-ND4.0)license.Youcancopyandredistributeourmaterialinanymediumorformat;youmustgiveappropriatecredit,

13、providealinktothelicense,andindicateifchangesweremade,andyoumaynotapplyadditionalrestrictions.Youmaydosoinanyreasonablemanner,butnotinanywaythatsuggeststhelicensorendorsesyouoryouruse.Youmaynotusethematerialforcommercialpurposes.Ifyouremix,transform,orbuilduponthematerial,youmaynotdistributethemodif

14、iedmaterial.Formoreinformation,visitAbstractInatworecentpublications,CarbonBorderAdjustments:DesignElements,Options,andPolicyDecisionsandForeignPollutionFeeActDesignElements,Options,andPolicyDecisions,weprovidedanoverviewandcomparisonofcurrentborderadjustmentmechanisms(BAMs).Inthefirstpublicationwef

15、ocusedontheEuropeanUnionsCarbonBorderAdjustmentMechanism(EUCBAM);theFair,Affordable,Innovative,andResilientTransitionandCompetitionAct(FAIRAct),sponsoredbySenatorChrisCoons(D-DE);andtheCleanCompetitionAct(CCA)zbySenatorSheldonWhitehouse(D-RI).InthesecondpublicationwereviewedanewpieceofproposedUSSena

16、telegislation,theForeignPollutionFeeAct(FPFA)zintroducedbySenatorBillCassidy(R-LA)zSenatorLindseyGraham(R-SC)zandSenatorRogerWicker(R-MS).InthisreportweprovidemoredetailontheEUCBAMandcompareittotheFPFAandtheCCA,whichwasreintroducedonDecember6,2023.A great deal of the FPFA description used in this re

17、port is reproduced from ourpublication Foreign Pollution Fee Act: Design Elements, Options, and Policy Decisions.ThisreportusesthedesignelementsintroducedinthepreviouspublicationstodescribethepoliciesreflectedineachBAM. We have made every effort to be concise with respect to our descriptions of the

18、design elements, but that has required US to abstract from a great deal of detail in each BAM. We hope this report will provide a roadmap that informs understanding of these mechanisms, but it should not be interpreted as a complete and comprehensive description and review.Contents1. Goals111EUCBAM1

19、1.ZCCA113.FPFA22. CoveredProducts221 EUCBAM222 CCA223 FPFA33. Fees331 EUCBAM332 CCA433 .FPFA54. DefinitionofGHGIntensity71 .1EUCBAM742 CCA843 .FPFA85. Baselines951 EUCBAM952 CCA1053 .FPFA106. InformationResourcesandMethods1161EUCBAM11GZCCA11G3.FPFA127. Clubs,Alliances,andExemptions121 .1EUCBAM1272 C

20、CA1373 .FPFA138. Takeaways141. GoalsEachofthethreeBAMsdiscussedinthisreportsharetwocommongoals.Thefirstgoalistoprotectthecompetitivenessofdomesticindustriesengagedininternationaltradewhiletheytakeactionstoreducetheiremissions.Theenvironmentaljustificationforprotectingdomesticcompetitivenessistherisk

21、ofcarbonleakage,wheredomesticclimatepoliciesmightinduceashiftinemissionstootherregions,thusundercuttingtheeffectivenessofthepolicy.Whileactionstomitigatetheriskofcarbonleakagecanalsosupportcompetitiveness,andviceversa,theydonotnecessarilydosoequallyinallcases.Thesecondgoalistoincentivizetradingpartn

22、erswithlessambitiousclimategoalstoincreasetheirambitionandtherebyretainaccesstothemarketsofhigh-ambitioncountries.EachBAMhasoneormoreadditionalcomplementarygoals.Forexample,acomplementarygoalcanbepairingaBAMwithanewdecarbonizationregulatoryprogram.1.LEUCBAMTheEUCBAMisdesignedtoworkhandinglovewiththe

23、EUEmissionsTradingSystem(ETS),acarbonpricingworkhorsepolicyforthedecarbonizationofEUindustryandoftheEuropeanUnioningeneral.Inaddition,theEUCBAMincentivizesothertradingnationstoadoptcarbonpricingasafoundationaldecarbonizationpolicytool.12CCATheCCAisalsoaBAMdesignedtoworkseamlesslywithadomesticregulat

24、oryprogramintendedtoreducegreenhousegas(GHG)emissionsfromtheindustrialsector.TheCCAintroducesaperformancestandardtoachievethereductionsdesiredwithintheindustrialsector. It can be argued that a performance standard is preferable to a carbon tax in an internationally competitive industrial setting due

25、 to the fact that it does not cause industrial sector output prices to increase as much as they would under a carbon price that achieves the same level of emission reduction.TheperformancestandardwithintheCAAisdefinedastonsofGHGspertonofproduct.ProducerswithaGHGintensityabovethebenchmarkpayafeewhile

26、producersbelowthebenchmarkpaynofee.ToensurearapiddeclineinGHGintensityovertime,thebenchmarkdeclinesyearoveryearandthefeeincreasesyearoveryear.Revenuesfromfeesareusedtofurtherincentivizeinvestmentsinlow-carbontechnologiesandotheractivitiesdesignedtoreduceindustrialemissions.13.FPFAAkeydistinctionofth

27、eFPFAfromtheothertwoapproachesisthattheFPFAdoesnotincludearegulatoryprogramtoreduceindustrialemissions.ThisisinlinewiththeFPFA,sobjectivetoreducetheimportationofembodiedGHGswithinUStradeflowsratherthanfocusonfurtherreductionsinemissionsfromdomesticsources.2. CoveredProductsZLEUCBAMInthedesignofaBAMz

28、oneexpectstoseethelistofcoveredproductsdominatedbyprimarycommoditieswithrelativelyhighGHGintensities(i.e.,tonsofembodiedGHGspertonofproduct).TheEUCBAMincludessixcategoriesofcoveredproductsincludingcement,electricity,fertilizers,ironandsteel,aluminum,hydrogen,andchemicals.Withineachcategory,exceptfor

29、electricityandhydrogen,therearemultipleindividualproductssubjecttotheEUCBAM.Forexample,inthecaseofcement,thecoveredproductsincludeotherkaolinicdays,clinkers,whitePortlandcement,otherPortlandcement,aluminouscement,andotherhydrauliccements.Inthecaseoffertilizers,therearefiveindividualcoveredgoodsspeci

30、fied;forironandsteeltherearefourteenandfourteenforaluminumaswell.ThelistofcoveredgoodsisbasedonCombinedNomenclature(CN)codes,whichistheEuropeanUnionscustomsandtradestatisticsclassificationsystembasedontheglobalHarmonizedSystem(HS)nomenclature.CNcodescanrunuptoeightdigits,althoughsomeEUCBAMgoodscateg

31、oriesarebasedontwofour-digitcodes,withspecificexemptions.Inthecaseofironandsteel,forexample,thismeansthatthelistofcoveredgoodsattheeight-digitlevelrunsatover100goods.22CCATheCCAleviesfeesoncoveredprimarygoodsandproductswellas/finishedgoods.Coveredproductsaredefinedbyfirstdefiningacoverednationalindu

32、strywithasix-digitNAICScode.Thereare20definednationalindustries. The CCA covered national industries include petroleum extraction, natural gas extraction, surface coal mining, underground coal mining, pulp mills, paper millsz paperboard mills, petroleum refineries, asphalt paving mixture and block m

33、anufacturing, asphalt shingle and coating materials manufacturing, all other petroleum and coal products manufacturing, petrochemical manufacturing, industrial gas manufacturing, ethyl alcohol manufacturing, other basic organic chemical manufacturing, nitrogenous fertilizer manufacturing, glass, cem

34、ent, lime and gypsum product manufacturing, iron and steel, and aluminum.LiketheEUCBAM,eachcoverednationalindustryproducesamultitudeofindividualproducts.TheCCAdefinesacoveredprimaryproductas“anygoodwhichisproducedaspartofatradeorbusinessoperatingwithinacoverednationalindustryandincludesanygoodclassi

35、fiableunderthesame6-digitsubheadingoftheHarmonizedTariffSchedule(HTS)oftheUnitedStates/7Thelistofcoveredprimaryproductsexceedsseveralhundred.Finishedgoodsareproductsthatincludemorethan500poundsofanycombinationofcoveredprimaryproductintheirmanufacture,worwereproducedfrominputsofanycombinationofcovere

36、dprimarygoods,thevalueofwhichcomprisemorethan90percentofthetotalvalueofthematerialinputsinvolvedintheproductionofsuchgoodszAstimepassestheweightandvaluetriggersdecrease.Finishedgoodsarechargedafeebasedonthequantityofcoveredprimaryproductscontainedwithinthefinishedgoodmeasuredbyweight.Incomparisontot

37、heEUCBAM,theCCAincludesmanymorecoveredprimaryproducts.UnliketheEUCBAM,theCCAimposesfeesonfinishedgoodsinadditiontoprimaryproducts.Thelistofsuchfinishedgoodscanbeextraordinarilylarge.23.FPFATheFPFAleviesfeesoncoveredprimarygoodsandproductsaswellastwocategoriesoffinishedgoods,z(manufacturedproducts).T

38、hecategoriesofcoveredproductsarealuminum,biofuels,cement,crudeOiLglass,hydrogen,methanolammonia,ironandsteel,lithium-ionbatteries,severalclassesofcriticalminerals,naturalgas,petrochemicals,plastics,pulpandpaperproducts,refinedpetroleumproducts,solarcellsandpanels,andwindturbines.TheFPFAthendefinesth

39、ecoveredproductsthataresubjecttotheimposedfeeswithineachlargecategoryusingthesix-digitHTScode.Dependinguponthecategory,asubstantialnumberofproductswillbesubjecttofees.TheFPFAhasauniquefeatureamongthethreeBAMsthatallowsdomesticproducerstopetitiontheUSSecretaryofEnergytoaddtothelistofcoveredproductsap

40、roductproducedbythatindustry.TheabilitytopetitiontheSecretarytoaddcoveredproductsextendstotradeorganizationsconsistingoftheproducersofsuchproducts,laborunionsassociatedwiththeproductionoftheproduct,aswellasindividualsemployedintheproductionofsuchproducts.3,Fees31 EUCBAMTheEuropeanUnionarguestheEUCBA

41、MisanextensionoftheETS,underwhichindustrialfacilitiesoperatingwithintheEuropeanUnionmustsurrenderallowancesforeachtonofGHGsemittedfromtheirproductionfacilities.EUCBAMfeesresultfromtheobligationforimporters(termeddeclarants)ofcoveredproductstobuyandsurrender“CBAMcertificates(virtualETSallowances)onth

42、eETSmarketequaltotheGHGsembodiedinthecoveredproductstheywishtoimport.SinceETSallowancemarketpricesfluctuateinresponsetodemand,thereissomeuncertaintywithrespecttothepricedeclarantsmustpaytoimportcoveredproducts.Ifthecountryoforiginofacoveredproducthasinplaceacarbonpricethatmustbepaidbytheproducerofth

43、ecoveredproductandthecarbonpriceisatleastequaltothepriceofanEUETSallowance,thepurchasepriceoftheETSallowanceswillberebatedinfulltotheimporter.Ifthecountry-of-origincarbonpriceisafractionoftheETSallowanceprice,thatfractionoftheallowancepurchasepricewillberebated.TheEUCBAMlargelyaimstoequalizetreatmen

44、tofdomesticproducersandimporters,buttherearetwopracticaldifferencesworthyofmention.DomesticproducersmustsurrenderallowancesequaltoGHGsemittedfromtheirfacilities,whiledeclarantsmustsurrenderallowancesequaltothegreenhousegasemissionsembodiedinindividualcoveredproductsonefacility-basedandtheotherproduc

45、t-based.Second,EUindustrialsectorsreceivefreeallowancestocoveraportionoftheiremissions.But,totheextentthatEUproducersreceivefreeETSallowances,thenumberofEUCBAMcertificatestobesurrenderedwillbecommensuratelyreducedaswell.Beginningin2026,thesefreeallowanceswillbereducedoveraneight-yearperiod.Inadditio

46、n,attheendofeveryquarter,thedeclarantneedstoholdavolumeofEUCBAMcertificatesonitsaccount,equaltoatleast80percentoftheembeddedemissionsofthegoodsithasimportedsincethestartofthecalendaryear.TheeffectivecarbonpricepaidbyEUCBAMimporterscanthereforevarydependingonthetimingofthepurchases,muchlikedomesticEU

47、producersarealsofreetotimetheirallowancepurchases(butnotsurrendering)accordingtopreference.ThepriceofEUCBAMcertificatesislinkedtotheEUETSprice.Everycalendarweek,theEuropeanCommissioncalculatesandpublishestheaverageclosingpriceofEUETSallowancesfortheprecedingweek.TheEUCBAMfeewillthereforebroadlytrack

48、theEUETSprice,withaminortimelag.Inprinciple,thefeeschargedforacquiringEUCBAMcertificateswillbeadjustedforanycarbonpricesalreadypaidinthecountrywherethegoodsoriginated.Inpractice,strictlyspeaking,theeffectivecarbonpricepaidwillleadtoareductioninthenumberofcertificatesthathavetobesurrendered,rathertha

49、nalowerfeeperEUCBAMcertificate.32 CCATheCCAwouldestablishbothadomesticregulatoryprogramtoreducedomesticindustrialemissionsandabordermechanismthatwouldapplyfeestoimportedcoveredproductsbasedontheirembodiedGHGs.LiketheEUCBAM,theCCAworkstotreatimportersofcoveredproductsinthesamemannerthatittreatsdomesticproducersofthosesameproducts.TheheartoftheCCAisaperformancestandardbasedonab