How many CBAM certificates do I need?
One CBAM certificate covers one tonne of CO₂e embedded in the goods you import. The number you surrender for a year is the embedded emissions in that year's imports, less two deductions:
- the free allocation adjustment, which reflects the free EU ETS allowances that EU producers of the same goods still receive;
- the carbon price paid in the country where the goods were produced, net of rebates or other compensation.
The cost is that number of certificates multiplied by the certificate price.
How are the embedded emissions worked out?
For each import, the embedded emissions are the mass of the goods multiplied by their specific embedded emissions, in tonnes of CO₂e per tonne of goods. That figure comes either from the EU's default value for the good and its country of origin, including the mark-up for the year, or from the producing installation's verified actual emissions. Default values or actual emissions explains the choice.
For cement and fertilisers, the emissions from the electricity used in production (indirect emissions) count as well. For most iron and steel goods, aluminium and hydrogen, only the direct emissions from production count.
What is the free allocation adjustment?
EU producers of CBAM goods still receive part of their EU ETS allowances free of charge, and that free allocation is being phased out between 2026 and 2034. CBAM charges importers only for the share EU producers pay, so the certificates for each good are reduced by the free allocation that goes with it.
While much of the free allocation is still granted, the adjustment cancels much of the obligation for goods produced close to the benchmark, and the cost rises as it is phased out. The phase-in page lists the CBAM factor for each year.
How is the certificate price set?
The price follows the EU ETS. For goods imported in 2026, it is the average EU ETS auction price of the quarter in which the goods were imported, published by the Commission shortly after that quarter ends. From 2027, the Commission publishes a new price every week, and certificates cost the price of the week they are bought.
The CBAM certificate price page shows the latest published price and its history.
When do I buy and surrender the certificates?
Certificates are sold by the Member States on a common central platform from 1 February 2027. Certificates for a year's imports are surrendered by 30 September of the following year, together with the CBAM declaration, so those for 2026 are due by 30 September 2027.
From 2027, you must also hold certificates covering at least 50% of the embedded emissions in the year's imports so far at the end of each quarter. For this check, emissions are measured on default values without the mark-up, or on the certificates you surrendered for the same goods and countries the year before, after the free allocation adjustment.
What if I buy too many?
The Member State buys back certificates left on your account after you surrender, at the price you paid, if you request it by 31 October of the year of surrender. The buy-back is limited to the number you were required to hold under the quarterly check. Certificates bought for 2026 can only be repurchased in 2027, and any still on the account are cancelled on 1 November 2027.
What if I surrender too few?
Each certificate not surrendered by 30 September is penalised at the excess emissions penalty under Article 16(3) of Directive 2003/87/EC, as increased under Article 16(4) of that Directive, applicable in the year of import. Paying the penalty does not release you from surrendering the missing certificates.
Can I estimate the cost now?
Yes. The CBAM calculator estimates the certificates and their cost for a good, its country of origin and quantity, from the current default values with the mark-up for the year, the CBAM factor and the certificate price.