一批钢材抵达欧洲港口，却可能因工厂无法提供合格的CBAM编码而被当地海关"卡住"。 历经两年的过渡期，欧盟碳边境调节机制（CBAM，碳关税）在2026年1月1日正式步入收费期。这项旨 在对进口的高碳产品征收碳税的政策，率先覆盖了钢铁、铝、水泥等六大行业。其中，钢铁行业因贸易 体量大、碳排放强度高，成为受冲击最显著的目标领域。 根据国际能源署（IEA）数据，全球钢铁行业碳排放量占能源系统总排放的7%-9%。而在中国，钢铁行 业是仅次于火电行业的第二大碳排放源，占全国碳排放总量约15%，其绿色转型进程直接关系到国 家"双碳"目标的实现。 我国新一轮国家自主贡献（NDC）目标明确提出，到2035年全经济范围温室气体净排放量较峰值下降 7%—10%。钢铁行业转型的技术路径虽已绘就，但经济可行性仍是横亘在前的现实高山。从提高电炉 短流程比例到探索前沿的氢冶金技术，中国钢铁行业如何权衡短期生存与长远竞争力，已成为一道无法 回避的必答题。 中国钢铁行业减排主要驱动在于双碳目标的落实与企业高质量发展的内在要求，欧盟CBAM为代表的国 际绿色贸易壁垒也提供了加速转型的信号。 CBAM规则的复杂性远超单纯的税费征收。绿色创新发展 ...

近日，欧洲市场人士表示，欧盟委员会近日对碳边境调节机制(CBAM)的相关操作将欧洲化肥市场推入 混乱境地。受政策适用范围与实施时间的不确定性持续发酵影响，欧洲化肥贸易已近乎全面停滞。来自 普氏资讯的信息显示，新年以来，欧盟范围内尿素等核心化肥产品还完全没有成交，农户与供应商在定 价上分歧严重，根本无法达成共识。 2025年12月，欧盟委员会提出为CBAM法案新增第27a条，设立一项"紧急制动"条款，旨在应对可能影 响商品价格的"严重且突发的特殊情况"。2026年1月7日，欧盟委员会副主席马罗什・谢夫乔维奇在与 法、意两国农业部长磋商后表示，第27a条可用于扶持农业领域。在随后的新闻发布会上，他进一步暗 示该条款的效力或可追溯至CBAM正式生效的2026年1月1日，欧盟委员会在1月8日发布的第27a条修订 指导文件明确，该条款允许欧盟在"严重且突发的特殊情况"下，将部分商品移出CBAM的管控范围，且 这项调整具备追溯效力。 化肥行业是CBAM机制管控下受冲击最严重的领域。相较于钢铁等工业品，化肥的"碳价值比"要高出许 多，这意味着CBAM机制的落地会对化肥价格造成更为剧烈的冲击。 欧盟委员会也考虑到这一特殊性， ...

Core Viewpoint - The implementation of the EU Carbon Border Adjustment Mechanism (CBAM) starting January 1 will significantly impact China's high-carbon industries, particularly steel and aluminum exports to the EU, which account for approximately 3.5% of China's total exports to the EU [2][3]. Group 1: Short-term Impact - The initial pressure from CBAM is manageable, with a starting carbon cost of only 2.5%, allowing Chinese companies to maintain competitive pricing in the short term [4]. - The default emission values set by the EU for Chinese products are generally higher than the global average, creating an unfair barrier for Chinese exporters [4]. - The steel industry, in particular, may face increased export tariffs and competitive pressure, especially for companies that do not conduct their own carbon assessments [3][4]. Group 2: Compliance and Adaptation - Chinese exporters need to shift from relying on default values for carbon reporting to establishing their own carbon monitoring and reporting systems [5][6]. - Over 90% of Chinese companies used global average default values during the trial phase, which will lead to increased carbon costs once country-specific values are published [5]. - Companies are encouraged to engage with third-party certification bodies to enhance the credibility of their carbon data and compliance [6]. Group 3: Long-term Strategy - The transition to low-carbon operations should be a key focus for companies aiming to expand in international markets, with an emphasis on developing green products and processes [8]. - The CBAM will expand to include around 180 downstream products by 2028, necessitating a comprehensive approach to carbon footprint management across the entire supply chain [8]. - Companies should evaluate potential partners based on their carbon data transparency and low-carbon transition plans to ensure compliance and competitiveness in the future [8]. Group 4: External Environment and Policy - The Chinese government advocates for fair trade practices and is prepared to take necessary measures against any unfair trade restrictions imposed by the EU [9]. - There is a call for improvements in the domestic carbon market, including the introduction of auction mechanisms and negotiations with the EU for recognition of China's carbon pricing [9].

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 ...

Core Viewpoint - The Chinese government expresses serious concerns and strong opposition to the European Union's Carbon Border Adjustment Mechanism (CBAM), which is seen as unfair trade restrictions that do not align with China's actual carbon emission levels and development trends [1][2]. Group 1: EU's CBAM Implementation - The EU's CBAM will officially be implemented on January 1, 2026, with recent legislative proposals and implementation details being released [1]. - The EU has set a significantly high default carbon emission intensity value for Chinese products, which will increase annually over the next three years, contradicting China's achievements in green and low-carbon development [1]. Group 2: Expansion of CBAM Scope - Starting in 2028, the EU plans to expand the CBAM to include approximately 180 downstream products that are intensive in steel and aluminum, such as machinery, automobiles, and household appliances [1]. - The design of these rules is viewed as exceeding the scope of climate change response and exhibiting clear unilateralism and trade protectionism [1]. Group 3: Double Standards and Trade Protectionism - The EU has relaxed its green regulations for internal markets while promoting protectionism externally under the guise of climate action, showcasing a double standard [2]. - The EU's approach is criticized for ignoring historical emissions responsibilities and the development stages of countries, imposing its carbon standards on developing nations, which raises the costs of climate action for them [2]. Group 4: Call for Fair Trade Practices - The Chinese government urges the EU to adhere to international climate and trade regulations, reject unilateralism and protectionism, and maintain an open market based on fairness, science, and non-discrimination [2]. - China is willing to cooperate with the EU to address global climate change challenges but will take necessary measures to respond to any unfair trade restrictions, protecting its development interests and the stability of global supply chains [2].

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 ...