Summary of Yara International Capital Markets Day - January 09, 2026 Company Overview - **Company**: Yara International (OTCPK:YARI.Y) - **Event**: 2026 Capital Markets Day - **Date**: January 09, 2026 - **Location**: Oslo, Norway Key Industry Insights - **Industry**: Fertilizer and Crop Nutrition - **Market Dynamics**: The nitrogen market fundamentals were discussed, highlighting the importance of nitrogen in crop production and the challenges faced by farmers in nutrient replacement [4][5][7]. Core Strategic Priorities - **Resilience and Growth**: Yara aims to strengthen resilience and grow sustainable returns through its business model and competitive advantages [3][16]. - **Safety Commitment**: Yara emphasizes a commitment to safety with a long-term ambition of zero accidents, despite a recent increase in accident rates [8][9][10][12]. - **Sustainability Goals**: The company is focused on reducing greenhouse gas emissions and optimizing nutrient use efficiency to support sustainable food systems [20][21][22]. Financial Performance - **Shareholder Returns**: Yara has distributed $5.5 billion to shareholders since 2020 and aims for significant growth in shareholder returns going forward [16][28]. - **EBITDA Improvement Targets**: Yara has set a target to improve EBITDA by more than $200 million by the end of 2027 and $350 million by the end of 2030 [27][28]. Production and Operational Excellence - **Production Capacity**: Yara achieved a production capacity of approximately 21 million tons of finished fertilizer, representing an 8% increase in volumes [57]. - **Investment in Production**: Significant investments are being made in expanding production capabilities, including a $50 million investment in Cartagena and a carbon capture project in Sluiskil [58][60]. Market Trends and Challenges - **Urea Market Dynamics**: The urea market saw demand-driven pricing in 2025, with strong sales in India and production issues in other regions affecting supply [38][39]. - **Natural Gas Prices**: Falling natural gas prices in Europe improved margins for producers, with expectations of increased LNG capacity in the coming years [46][47]. - **Carbon Pricing and CBAM**: The implications of the Carbon Border Adjustment Mechanism (CBAM) on European fertilizer prices were discussed, highlighting potential risks and uncertainties [32][33][49]. Technological Innovations - **Emission Reduction Technologies**: Yara has developed an N2O abatement catalyst that significantly reduces greenhouse gas emissions, contributing to the company's sustainability goals [21][22]. Conclusion - **Future Outlook**: Yara is well-positioned to navigate market uncertainties and capitalize on growth opportunities while maintaining a focus on profitability and sustainability [30][35][36].

二、揭露双重标准，绿色回旋镖反噬自己 中国的批评最有力的一部分，是毫不留情地揭示了欧盟的双重标准。声明中明确指出，欧盟在最近修改 了2035年燃油新车禁令，并放宽了对其成员国的绿色监管要求。欧盟在国际上高举绿色大旗，以碳泄漏为借口构建贸易壁垒，而在内部却放宽对 燃油车的绿色要求。这种对外苛刻，对内宽松的做法让其所宣扬的全球气候领导者形象破灭。这一回旋镖反噬自己，向世界展现了一个事实：所 谓的气候雄心在自身利益面前也能妥协；所谓的全球规则，实际上不过是维护其自身竞争优势的工具。这种自相矛盾的做法，严重削弱了国际社 会对欧盟在气候合作方面的信任。 三、明确一切必要措施，不容忽视的决心 声明的最后部分，表达了中国一贯的坚定立场：中方愿与欧方合作，共同应对全球气候变化挑战。但紧 随其后的是更为有力的警告：我们将采取一切必要措施，回应任何不公平的贸易限制，维护中国自身发展利益和企业合法权益，保障全球产业链 和供应链的稳定。这六个字——一切必要措施，在国际经贸博弈中意味着明确的行动信号。它显示出中国在全球产业链中的重要地位，以及庞大 市场背后蕴含的实际博弈能力。中国有多种应对选择，从在世界贸易组织框架下提起诉讼，到在国内 ...

（原标题）商务部回应欧盟"碳关税"：将采取必要措施回应不公平贸易限制 商务部新闻发言人就欧盟碳边境调节机制有关问题答记者问。 问：欧盟碳边境调节机制（CBAM）于2026年1月1日起正式实施，欧盟近日密集发布CBAM相关立法提案与实 施细则，请问商务部对此有何评论？ 答：中方注意到，欧盟近日密集发布CBAM相关立法提案与实施细则，包括设定碳排放强度默认值、计划扩大 产品覆盖范围等内容。其中，欧方无视中国绿色低碳发展取得的巨大成效，对中国产品碳排放强度设定显著偏 高的基础默认值，并将在未来三年内逐年提高，这不符合中国当前实际水平和未来发展趋势，对中方构成不公 平、歧视性待遇。欧方有关做法不仅涉嫌违反世界贸易组织"最惠国待遇"和"国民待遇"等原则，也有悖于《联 合国气候变化框架公约》确立的"共同但有区别的责任"原则。 欧盟还提出立法草案，计划从2028年起将CBAM范围扩展至包括机械装备、汽车及其零部件、家用电器等约 180种钢铝密集型下游产品。这些规则设计已超出应对气候变化范畴,带有明显的单边主义与贸易保护主义色 彩，中方对此表示严重关切和坚决反对。 责编：汪云鹏 校对：杨立林 百万用户都在看 深夜！16倍大牛 ...

来源：商务部网站 答：中方注意到，欧盟近日密集发布CBAM相关立法提案与实施细则，包括设定碳排放强度默认值、计 划扩大产品覆盖范围等内容。其中，欧方无视中国绿色低碳发展取得的巨大成效，对中国产品碳排放强 度设定显著偏高的基础默认值，并将在未来三年内逐年提高，这不符合中国当前实际水平和未来发展趋 势，对中方构成不公平、歧视性待遇。欧方有关做法不仅涉嫌违反世界贸易组织"最惠国待遇"和"国民 待遇"等原则，也有悖于《联合国气候变化框架公约》确立的"共同但有区别的责任"原则。 商务部新闻发言人就欧盟碳边境调节机制有关问题答记者问。 欧方无视历史排放责任、国家发展阶段和技术水平，打着防止"碳泄漏"的气候幌子推行新的贸易保护主 义，将自身碳标准强加于发展中国家，造成气候与贸易治理规则冲突，抬升发展中国家气候行动成本， 严重损害国际社会互信，与各方合作应对气候变化、推进可持续发展的努力背道而驰。希望欧方遵守气 候和贸易相关国际规则，摒弃单边主义、保护主义，保持市场开放，本着公平、科学、非歧视的原则， 促进绿色领域贸易投资自由化便利化。中方愿与欧方相向而行，合作应对全球气候变化挑战，但将坚决 采取一切必要措施，回应任何不公平 ...

新浪财经ESG评级中心提供包括资讯、报告、培训、咨询等在内的14项ESG服务，助力上市公司传播ESG理念，提升ESG可持续发展表现。点 击查看【 ESG评级中心服务手册】 （来源：中国节能协会碳中和专业委员会） 欧盟委员会12月17日发布碳边境调节机制新草案，将从2028年起将180种钢铁和铝密集型下游产品纳入覆盖范围，以堵住外国生产商通过出口组装产品规 避碳税的风险。 草案扩展了CBAM的覆盖范围，包括机械、电器和专用工业设备，预计覆盖7，000名新进口商。其中94%为工业供应链产品，平均钢铝含量79%，主要用 于重型机械；其余6%为家用电器产品。未来，欧盟可能进一步扩大范围至水泥、化肥和氢气等行业。 排放指标包括默认值和实际值，默认排放值提高，尤其针对印度尼西亚、印度和中国等主要出口市场。2026年将对默认值加征10%加价，2027年升至 20%，2028年升至30%。化肥进口商每年面临1%加价。 成本影响显著，来自印度尼西亚、中国和印度的进口可能受最大冲击。例如，从中国进口的热轧卷钢，2026年每公吨额外成本189欧元，2028年增至302欧 元。临时基准值低于最初草案，扩大成本差距。 草案澄清了CBA ...

（原标题：专访刘萌：中企出海打通供应链减排难点，握牢十项原则） 21世纪经济报道记者卢陶然、李德尚玉 北京报道 2025年，联合国全球契约组织（UNGC）迎来成立25周年。 从最初提炼自国际法与国际公约的十项原则，到如今成为全球ESG理念的核心源头，UNGC见证了可持 续发展从"可选议题"变为"必答题"。 随着共建"一带一路"进入高质量发展阶段，欧盟碳边境调节机制（CBAM）即将生效，地缘政治与绿色 贸易壁垒交织，中国企业出海正面临"合规底线"与"发展上限"的双重考验。 作为连接全球标准与中国实践的桥梁，UNGC如何看待中企ESG实践的进阶之路？不同体量企业出海应 如何精准破局？ 近日，在"全球契约 全球行动：2025联合国全球契约组织年会暨机构成立25周年纪念活动"上，联合国 全球契约组织驻华代表刘萌接受了21世纪经济报道记者的专访。 刘萌对记者表示，在新时代背景下，联合国十项原则的应用范围和实践深度得到了更大拓展。 截至目前，中国市场的企业会员已近1300家，在赋能企业"一带一路"出海方面，UNGC致力于让企业的 减排行动"被看见、被认可"。刘萌认为，基于UNGC的国际公信力，企业的SBTI目标设定、减排 ...

8 and and and and and 0 近日，据路透社报道，欧盟计划将碳边界税的征收范围扩大至汽车零部件等品类。此举旨在"堵住欧盟担忧已久的政策漏洞，防止外国制造商规 避气候成本相关支出"。报道称，按照计划，欧盟碳边界税将于2026年1月1日起开始征收。 扩增范围有何考虑 据报道，欧盟在选定新增征税品类时，主要依据是这些产品面临的"碳泄漏风险"，即相关产业为规避欧盟严苛的气候政策，可能将生产基地迁出欧洲的 潜在可能性。 欧盟碳边界税的核心目标，是保护欧洲本土产业免受低价高排放进口产品的冲击，同时推动全球制造商向更清洁的生产模式转型。现行政策已引发印 度、南非等多个贸易伙伴的批评，这些国家认为该政策对新兴经济体的产业构成不公平待遇。 路透社称，欧盟计划在2028年至2029年间，将碳边界税税收收入的25%用于补贴欧洲本土制造商，以抵消其因进口产品碳税而承担的额外成本。欧盟预 计，到2030年碳边界税将带来21亿欧元（约合24.7亿美元）的税收收入。 欧盟的相关草案规定，本土产业只有在投资改善自身生产碳足迹的前提下，才有资格获得这项补贴。该提案的出台，是对欧洲产业界诉求的回应。此前 产业界曾呼吁欧盟对本土 ...

Core Viewpoint - The article discusses the implementation of the Carbon Border Adjustment Mechanism (CBAM) by the EU to address carbon leakage and its implications for steel importers, highlighting the need for strategic adjustments in procurement and production methods to mitigate potential cost impacts [1][9]. Group 1: CBAM Implementation and Challenges - The CBAM was introduced to combat carbon leakage by imposing carbon pricing on imports linked to the EU Emissions Trading System (ETS) [1]. - The mechanism will be implemented in two phases: a transitional phase from October 2023 to December 2025, where reporting is required but no taxes are imposed, followed by a full implementation phase starting January 2026 [1]. - During the transitional phase, challenges have emerged, particularly for small importers, leading to the introduction of a minimum threshold of 50 tons to exempt approximately 90% of importers from detailed reporting requirements [1]. Group 2: EU Steel Import Dependency - The EU is the largest importer of semi-finished and finished steel, accounting for 35% of global steel imports, with dependency on imports rising from 17% in 2020 to an expected 21% in 2024 [4]. - Steel import volumes are projected to grow at an annual rate of approximately 0.63% from 2026 to 2030 [4]. Group 3: Impact of CBAM on Steel Importers - CBAM is forcing EU steel importers to reassess their procurement strategies and the production technologies used by suppliers to manage cost impacts [6]. - The top ten countries supplying steel to the EU account for 69% of total imports, with China, Turkey, Russia, and India contributing over 60% [6]. - The two main production pathways for steel are the Blast Furnace-Basic Oxygen Furnace (BF-BOF) and Electric Arc Furnace (EAF) methods, with EAF having significantly lower CO2 emissions [6]. Group 4: Expected Cost Implications of CBAM - Although the fixed carbon price for 2026 has not been announced, it is expected to be linked to the EU ETS carbon price, projected to rise to €85 per ton in 2026 and drop to €65 in 2027 due to potential oversupply [10]. - The implementation of CBAM could lead to an additional carbon tax of €2.21 billion to €2.7 billion for EU steel imports in 2026, with BF-BOF steel imports contributing the majority of this cost [12]. Group 5: Strategies for Mitigating Financial Impact - EU steel importers need to act quickly to mitigate potential cost impacts from CBAM by evaluating the specific effects on their supply chains and the maturity of suppliers' emissions reporting [14]. - Short-term strategies include close communication with suppliers to encourage cleaner steel production and incorporating carbon metrics into procurement processes [14]. - Long-term strategies may involve reconfiguring supply chains to prioritize regions with lower carbon production methods, potentially reducing CBAM-related costs significantly [14]. Group 6: Global Exporters' Response - Global exporters supplying the EU are also taking measures to decarbonize their production methods to remain competitive, with initiatives in countries like India and China aimed at improving energy efficiency and reducing emissions [17][18]. Group 7: Opportunities During the Transition Period - The transition period provided by CBAM offers time for proactive supplier collaboration, investment in cleaner production, and integrating carbon considerations into procurement decisions, which can help manage financial risks [20].

Core Insights - The EU's Carbon Border Adjustment Mechanism (CBAM) will fundamentally alter the economic logic of global trade starting January 2026, impacting metal suppliers and buyers by exposing direct and immediate costs related to carbon emissions [1][6] - Carbon intensity will become a core factor determining market access, profit margins, and cost structures, shifting the focus of corporate strategies towards carbon management [1][5] Cost Implications - CBAM will impose carbon costs based on embedded emissions for products like steel, aluminum, cement, fertilizers, electricity, and hydrogen, linked to the EU Emissions Trading System (EUA) prices [7] - As free allowances are phased out, the obligation will increase annually until full implementation in 2034, with EUA prices expected to rise from approximately €70-75 per ton in 2025 to about €130 by 2030 [2][7] - By 2034, carbon costs are projected to represent a significant portion of the import value for most CBAM-covered products, reshaping the cost competition landscape [2][7] Sector-Specific Impacts - The steel industry is expected to bear about 75% of the potential CBAM liabilities, with high-emission steel importers facing additional costs of €40-60 per ton when EUA prices reach €90 in 2026 [3][8] - Aluminum importers may incur burdens close to €500 million in 2026, potentially escalating to €4.7 billion by 2030 if indirect emissions from electricity are included [3][8] Regional Exposure and Trade Risks - CBAM's impact will be concentrated, with over half of the costs expected to arise from major exporting countries like India, Turkey, and Russia, with India alone projected to bear 18% of total CBAM costs [4][9] - This concentration of responsibility indicates a shift in supply chain risks from cost-related to regional and structural risks, necessitating a reevaluation of supply chain strategies [4][9] Strategic Guidance for Enterprises - CBAM represents not just a compliance mechanism but a systematic framework extending the EU's carbon pricing to global trade, making carbon emissions a real cost on financial statements and a decisive variable in business strategies [5][10] - The report "Margins on the line" provides quantitative insights for decision-makers in the metals supply chain, helping to transform regulatory risks into actionable strategies [10]

来自萨拉热窝的能源专家阿尔米尔·贝恰雷维奇对此表示，新法律虽标志着与欧盟法规接轨，但实际效 果仍面临挑战。他指出，波黑在近两年已从电力净出口国转为净进口国，且该法律难以在2026年CBAM 正式生效前完全实施。尽管方向积极，能否真正达到预期目标仍是未知数。（驻波黑使馆经商处） 波黑媒体《独立报》12月1日报道。波黑新通过的《电力监管、传输与市场法》成为国内能源转型的关 键一步。国际大电网会议区域分支机构（SEERC）主席埃德姆·比查克契奇强调，波黑部长会议必须立 即向欧盟申请碳边境调节机制（CBAM）豁免，并同步启动与欧洲市场联动的电力交易所建设。 比查克契奇指出，建立交易所是一项需数年推进的系统工程，急需引进国际专家加速落实。他呼吁成立 专门机构，对国内能源进行"绿色"与"高污染"分类认证，以避免未来对欧出口面临额外征税。他警告 称，若未能获得CBAM豁免，波黑电力将只能短期转向塞尔维亚市场，而后者也将很快实施相同规则。 ...