In this article, we’ll look at how climate change is reshaping homeowners insurance and what homeowners can do to protect their properties and manage insurance costs.

What does climate change mean for homeowners insurance?

Homeowners have already seen insurance costs rise with inflation in recent years, but climate change could drive these costs even higher. As extreme weather events become more frequent and severe, insurers are re-evaluating risks and adjusting their policies. This could lead to soaring premiums and, in some cases, homes becoming uninsurable. 

👉 In this article, we’ll look at how climate change is reshaping homeowners insurance and what homeowners can do to protect their properties and manage insurance costs.

Homeowners insurance is designed to provide financial protection for your home and personal property in the event of damage or loss. It is a critical safety net that helps cover the costs associated with repairing or rebuilding your home after events such as fires, storms, or theft. Additionally, homeowners insurance can offer liability protection if someone is injured on your property, protecting you from potential legal and medical expenses.

Typically, homeowners insurance policies cover several key areas:

Structural damage - This includes damage to the physical structure of your home caused by incidents such as fire, storms, hail, or vandalism. If your home is damaged or destroyed by a covered incident, your insurance policy will help pay for the repair or reconstruction costs. This might include not just the main structure but also other buildings on the property like garages or sheds.


Personal property - This part of the policy covers your personal belongings, such as furniture, electronics, clothing, and other items within your home. If these items are stolen or damaged by a covered event, your policy can help replace or repair them. Coverage is often based on the replacement cost of the items rather than their depreciated value, ensuring you can replace your belongings with new ones.


Liability - Liability coverage protects you if someone is injured on your property or if you accidentally cause damage to someone else's property. This can include legal defense costs and any court-ordered payments. For example, if a visitor slips and falls in your home, liability coverage can help pay for their medical expenses and any legal fees if they decide to sue.


Additional Living expenses - If your home is rendered uninhabitable due to a covered event, your home insurance can cover the cost of temporary living arrangements. This includes expenses such as hotel bills, restaurant meals, and other living costs incurred while your home is being repaired or rebuilt.

Understanding these coverage areas is crucial for homeowners to ensure they have adequate protection. With climate change leading to more frequent and severe weather events, having comprehensive homeowners insurance is more important than ever. However, as risks increase, so do premiums and deductibles, posing new challenges for homeowners seeking to protect their investments.

How is climate change impacting homeowner insurance? 

Climate change is causing an increase in both the frequency and intensity of natural disasters. Events such as wildfires, floods, hurricanes, and severe storms are becoming increasingly common. Wildfires in Europe and Canada for example have intensified in recent years, destroying homes and even entire communities. Hurricanes are also growing more powerful and destructive, causing unprecedented damage across coastal regions. Flooding, too, has become a common occurrence, made worse by rising sea levels and increased rainfall. 

As natural disasters become more severe, the cost of claims has also surged. Homeowners affected by these events are filing for more extensive repairs and replacements, leading to higher payouts by insurers. The devastating wildfires in California for example led to billions of dollars in claims. Similarly, hurricane damage in states like Florida and Louisiana has resulted in substantial insurance losses. This increase in the cost of claims forces insurers to raise premiums and deductibles to manage the financial risk, making it more expensive for homeowners to obtain adequate coverage.

💡 According to Swiss Re, the world’s largest reinsurer, property damage costs from natural disasters such as wildfires, floods, and hurricanes in the U.S. could rise by over 60% by 2040 due to climate change. Swiss Re also predicts that, globally, homeowners insurance premiums could increase by an average of 5.3% annually, largely driven by the impacts of climate change.

Climate change is also causing geographic shifts in risk zones, altering how insurers calculate premiums. Areas that were once considered low-risk are now facing higher probabilities of natural disasters. For example, regions previously considered low-risk for flooding are now experiencing flood events as a result of changing weather patterns and rising sea levels. This is causing insurers to update their risk assessments and premium calculations. As a result, homeowners in newly designated high-risk areas are seeing significant increases in their insurance costs. Additionally, insurers may withdraw from certain markets altogether, leaving homeowners in those regions struggling to find affordable coverage for their homes.

Climate change is impacting the home insurance industry. The increased frequency of natural disasters, rising costs of claims, and geographic shifts in risk zones are all contributing to a more challenging insurance landscape.

With 23 extreme weather events costing more than $1 billion each in losses so far this year, many private insurance companies are pulling out of states like California and Florida altogether. This is leaving homeowners with few choices to protect their most valuable assets. CBS News senior national and environmental correspondent Ben Tracy reports.

#news #homeowners #extremeweather  

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Climate change-fueled disasters push homeowners insurance marketplace to extremes

How is the insurance industry responding? 

In response to the escalating risks posed by climate change, many insurers are withdrawing completely from high-risk areas. Regions that are frequently affected by wildfires, hurricanes, and floods are becoming too costly for insurers to cover. For example, in Florida, several insurers have pulled out of the market after facing substantial losses from repeated hurricanes. This withdrawal leaves homeowners in these areas struggling to find affordable coverage or any coverage at all.

For those insurers that remain in high-risk areas, the costs of providing coverage are rising sharply. To manage the financial risk associated with more frequent and severe natural disasters, insurers are increasing premiums and deductibles. Homeowners in states like Louisiana and Texas for example - which are prone to hurricanes and flooding - have seen their insurance costs soar. 

Premiums that once seemed manageable have now become a significant financial burden for many families. Higher deductibles mean that homeowners must pay more out-of-pocket before their insurance coverage kicks in, which brings another layer of financial strain.

Insurers are also implementing stricter underwriting criteria to mitigate their exposure to climate-related risks. This means that it has become more challenging for homeowners in high-risk areas to qualify for coverage. Insurers are conducting more detailed inspections and requiring additional information about a property's vulnerability to natural disasters. For example, homes in wildfire-prone regions may need to meet specific fire-resistant building codes and have defensible space around the property to qualify for insurance. These stricter criteria are designed to reduce the likelihood of large payouts, but they also make it harder for homeowners to secure the insurance they need.

Introduction of exclusions for certain types of damage

Another way insurers are responding to climate change is by introducing exclusions for specific types of damage in their policies. Flooding and wildfire damage, in particular, are often excluded from standard homeowners insurance policies in high-risk areas. Homeowners must purchase separate policies to cover these risks. Even then, the coverage may be limited, and the premiums can be prohibitively expensive.

The insurance industry's response to climate change involves a combination of withdrawing from high-risk areas, raising premiums and deductibles, implementing stricter underwriting criteria, and introducing exclusions for certain types of damage. These measures are aimed at managing the increased financial risk posed by climate change but also pose significant challenges for homeowners seeking to protect their properties.

How is climate change impacting homeowner insurance in the US? 

Thanks to global warming and increasingly intense and frequent heat waves, wildfires are becoming a big concern in the western US, particularly in states like California and Colorado. The growing risk is making it challenging for homeowners to obtain affordable insurance. In California, for example, major insurance companies like State Farm and Allstate have stopped issuing new policies altogether in certain areas. Similarly. The cost of coverage has also skyrocketed, with premiums increasing significantly as insurers attempt to manage their financial risk.

In the southeastern US, hurricanes pose a growing threat to coastal regions, particularly in states like Florida and Louisiana. Recent hurricanes, such as Hurricane Ian and Hurricane Ida, have caused billions of dollars in damage, leading to substantial increases in insurance premiums. Many insurers have also canceled policies or withdrawn from these high-risk markets entirely. For example, Farmers Insurance pulled out of Florida in 2023, leaving homeowners scrambling for alternative coverage.

Government intervention in the US, such as the National Flood Insurance Program (NFIP), helps fill this gap by offering flood insurance to homeowners who can’t obtain it through private insurers - although the premiums can be quite high. State-specific plans, like Florida's Citizens Property Insurance Corporation, also provide coverage but often come with higher costs and limited coverage options. 

Global warming is making storms more intense and changing precipitation patterns which means that flooding is a growing concern across the US. Changes in floodplain maps have led to low-risk areas being defined as high-risk, leading to increased insurance costs for many homeowners. Homeowners who previously didn’t require flood insurance are now having to seek insurance coverage, resulting in significant financial costs.

The Federal Emergency Management Agency (FEMA) and private insurers help provide flood coverage. As is the case for flooding damage caused by a hurricane FEMA's NFIP is the primary source of flood insurance for most homeowners, but private insurers are gradually entering the market, offering more options albeit at higher costs. 

Hundreds of thousands of people across the U.S. are losing their homeowners insurance, with four major companies ending coverage in California due to the growing risk of wildfires. Companies in Florida are canceling policies due to increased hurricane risks. Matthew Eby, the founder and CEO of First Street Foundation, a nonprofit that studies climate risks, joined CBS News to discuss .

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Why thousands of Americans are losing homeowners insurance

How will homeowners be impacted by insurance under the Trump administration in 2025?

Several industry experts have revealed that Trump’s re-election will have an impact on insurers across the country – as efforts to control inflation, taxes, and more could impact the insurance industry for years to come.

For instance, Trump’s efforts to boost the United States economy will work to cut back on taxes and claims-related costs for insurance – which in turn, could spike the demand for business insurance. This could make insurance even more expensive for homeowners, too.

Trump’s economic policies to reduce operational and claims-related costs for insurers, while anticipated tax cuts could drive demand for business insurance. This will be beneficial for insurance companies, but the newfound entrepreneurial aura across the country could encourage more people to start businesses – which means that more people will need business insurance to get started. 

💡Essentially, the basic rules of supply and demand apply in this case – as the Trump administration will heavily focus on the economy and support insurance companies such as State Farm ability to increase coverage options again in the midst of climate change.

“If Trump’s economic policies resemble those of 2016, we may also see lower interest rates, which could reshape insurance carriers’ financial strategies and encourage greater risk-taking.” – Bradley Flowers, founder of Portal Insurance.

👉 However, despite the beneficial impact that the Trump administration could have on insurance within the United States – insurance is ultimately an international business, meaning that these tax reductions and reduced operational costs could have little to no effect on big name insurance companies, and even have a negative impact on their supply chain dynamics.

How is climate change impacting homeowner insurance in the UK?

In the UK, rising sea levels and heavier rainfall due to climate change have significantly increased the risk of flooding. Coastal areas and regions near rivers are particularly vulnerable. For example, parts of Yorkshire and Cumbria have experienced severe floods in recent years, resulting in extensive property damage and higher insurance claims. As is the case in the US, the increased flood risk has led to changes in flood risk assessments and mapping, placing more homes in high-risk zones and driving up insurance premiums.

To address these challenges, the UK government has implemented the Flood Re scheme. This government-backed initiative helps make flood insurance more affordable for homeowners in high-risk areas. Flood Re works by allowing insurers to pass on the flood risk part of a home insurance policy to the government-run scheme for a fixed price. While this scheme has helped maintain insurance availability, premiums for flood-prone properties have still risen.

Prolonged dry spells in the summer months and heatwaves in the UK have led to a rise in subsidence claims. Subsidence occurs when the ground beneath a building shifts or sinks, causing structural damage. Homes built on clay-rich soils are particularly susceptible, as the soil shrinks and cracks during dry periods. Southern England, in particular, has seen a significant increase in subsidence issues due to hotter and drier summers.

The rising number of subsidence claims has resulted in higher insurance premiums for affected homeowners. Insurers are now more stringent in their assessments, often requiring detailed property surveys before issuing policies. 

The UK has also seen an increase in the frequency and severity of storms, leading to a surge in insurance claims for wind and water damage. Storms like Dudley, Eunice, and Franklin have caused significant property damage in recent years. Common types of storm damage covered by homeowners insurance include roof damage, broken windows, and water damage from heavy rainfall.

How can homeowners protect their properties and reduce insurance premiums?

With the impacts of climate change worsening and more unpredictable and extreme weather events threatening our homes, it can feel like there’s not much we can do and that it’s out of our control. However, there are proactive steps that homeowners can take to manage the rising costs of homeowners insurance and protect their property from climate-related damage:

Home improvements to withstand extreme weather - Investing in structural enhancements can significantly reduce the risk of damage and potentially lower insurance premiums. Installing storm shutters can protect windows from high winds and flying debris during storms. In flood-prone areas, homeowners can install flood barriers to reduce the risk of flood damage. Using fire-resistant materials for roofing and siding can help protect homes in wildfire-prone regions.


Regular maintenance to prevent damage - Ongoing maintenance is crucial for preventing minor issues from escalating into major problems. Homeowners should regularly clear gutters and downspouts to ensure proper drainage and prevent water buildup that can lead to roof damage or basement flooding. Inspecting and repairing roofs, windows, and doors can also help keep homes secure during severe weather events.


Sustainable landscaping - Sustainable landscaping can help protect your home from climate-related damage. Planting native vegetation and creating rain gardens can reduce runoff and prevent soil erosion during heavy rains. Using non-flammable plants and materials around your home can also reduce the risk of wildfire spread.


Create defensible space - In wildfire-prone areas, creating defensible space around your property can help protect it from fires. This involves clearing flammable vegetation and debris within a certain distance of your home, using fire-resistant landscaping, and ensuring that any outbuildings or structures are also protected.


It’s important for homeowners to fully understand their insurance policy and know exactly what it covers. It's also crucial to be aware of the climate-related risks their home might face. This ensures their property is properly protected:

The importance of reading and understanding policy details - Homeowners should carefully read their insurance policies to know exactly what is covered and what is not. This includes understanding the specific perils covered, any exclusions, and the terms and conditions of the policy.


Know what is covered and what isn’t - It’s important to be aware of the limitations and exclusions in your policy. For example, standard homeowners insurance typically does not cover flood or earthquake damage. Homeowners in high-risk areas should consider purchasing additional coverage to fill these gaps.


Consider additional coverage options where necessary - Depending on the risks in your area, you might need to invest in additional insurance policies. For example, flood insurance is essential for homes in flood-prone areas, while earthquake insurance is crucial in regions susceptible to seismic activity. These additional policies can provide comprehensive protection and peace of mind.


Effective communication with insurance providers can help homeowners get the best coverage and rates.

Communicate with insurers about risk mitigation measures taken - Informing your insurer about the steps you’ve taken to mitigate risks, such as home improvements and regular maintenance, can potentially lower your premiums. Insurers may offer discounts for proactive measures that reduce the likelihood of claims.


Shop around for the best coverage and premiums - It’s advisable to compare quotes from multiple insurance providers to find the best coverage at the most affordable rates. Each insurer assesses risk differently, so shopping around can help you find a policy that fits your needs and budget.


Keeping detailed records and inventories for claims - In the event of a disaster, having detailed records of your property and possessions can expedite the claims process. Maintain an up-to-date inventory of your belongings, including photos and receipts, to provide to your insurer if needed.

By implementing these mitigation and adaptation strategies, homeowners can better protect their properties from the impacts of climate change and manage rising insurance costs. Staying proactive and informed is key to navigating the evolving landscape of homeowners insurance and ensuring comprehensive coverage in the face of increasing environmental risks.

At Greenly we can help you to assess your company’s carbon footprint, and then give you the tools you need to cut down on emissions. Why not request a free demo with one of our experts - no obligation or commitment required. 

If reading this article has inspired you to consider your company’s own carbon footprint, Greenly can help. Learn more about Greenly’s carbon management platform here. 

In this article we’ll explore what the CBAM is, why it’s been created, and what importers need to know ahead of its introduction.

The Carbon Border Adjustment Mechanism (CBAM)

On August 17th, 2023, the European Commission adopted detailed reporting rules for its newly created Carbon Border Adjustment Mechanism (CBAM). The transitional phase of this new mechanism commenced in October 2023, introducing greenhouse gas reporting obligations for importers of certain carbon-intensive products. 

It is hoped that the CBAM will strengthen the effectiveness of the EU's Emissions Trading Scheme (ETS) and reduce carbon leakage. 

👉 In this article we'll explore what the CBAM is, why it's been created, and what importers need to know about its implementation.

The European Union has been progressively intensifying policies and regulations in an effort to reduce emissions and to work towards achieving its climate change targets, which include reducing emissions by at least 55% by 2030 and achieving climate neutrality by 2050. 

A cornerstone of the EU's strategy to achieve these ambitions is the EU Emissions Trading Scheme (EU ETS). According to the European Commission, the ETS is “a key tool for reducing greenhouse gas emissions cost-effectively. It's the world's first major carbon market and remains the biggest one.”

The ETS works by assigning a cost to carbon dioxide emissions (known as carbon pricing) which incentivises the reduction of emissions. Under the scheme, companies can buy or receive carbon allowances corresponding to their carbon emissions, which in effect makes using carbon-intensive energy sources like fossil fuels even more expensive, and makes switching to clean energy sources much more attractive. 

The EU sets a cap on how much carbon dioxide can be emitted annually, and this cap decreases with every passing year. Companies must have enough carbon allowances to cover their annual emissions. If their emissions surpass the amount covered by their allowance they will be fined. Conversely, if they release less greenhouse gases than their allowances, they can sell their excess carbon allowances. 

It's worth noting that free allowances have been issued under the ETS to safeguard the competitiveness of certain energy-intensive industries. However, these free allowances will be gradually phased out from 2026 through to 2034. 

👉 Since its inception in 2005, the ETS has helped to reduce emissions in energy-intensive industries such as power generation and manufacturing by around 35%. However, the success of the system is tempered by something known as ‘carbon leakage'. 

The EU emissions trading system (EU ETS) is a cornerstone of the European Union's policy to combat climate change and its key tool for reducing industrial greenhouse gas emissions cost-effectively. 

Find out how it does so http://ec.europa.eu/clima/policies/ets

The EU Emissions Trading System explained

This describes the situation whereby greenhouse gas emissions (GHG) in one country increase as a result of emissions reductions in another country with stricter emissions regulations and policies. For example, one country may have implemented carbon taxes or a cap-and-trade emissions scheme in an effort to reduce GHG emissions, however, companies can avoid these extra costs by simply moving their production processes to another country without such stringent policies in place. In essence, it's a spillover of emissions.

The European Commission states that “Carbon leakage refers to the situation that may occur if, for reasons of costs related to climate policies, businesses were to transfer production to other countries with laxer emissions constraints. This could lead to an increase in their total emissions.

Because the ETS is a regional scheme, it is vulnerable to the varying emissions policies that exist globally and its effectiveness has been reduced by carbon leakage. Research conducted by the European Central Bank found that companies were moving their carbon-intensive activities from inside Europe to outside of the EU. 

This is why, in December 2022, a provisional agreement was reached between the EU Parliament and the EU Council to introduce a new mechanism called the Carbon Border Adjustment Mechanism (CBAM). This tool places emissions tariffs on imported goods with a high risk of carbon leakage, originating from countries that are not members of the EU Emissions Trading System (ETS).

Welcome to our channel! In this video, we delve into the concept of carbon leakage and its significant contribution to climate change.

Carbon leakage refers to the phenomenon where emissions reduction efforts in one region or country lead to an increase in emissions in another region or country with less stringent environmental regulations. This occurs primarily due to the relocation of industries or businesses to jurisdictions with lower carbon constraints, resulting in a shift of production and associated emissions.

In this educational video, we explore the various factors contributing to carbon leakage, including differences in environmental policies, carbon pricing mechanisms, and competitiveness among nations. We highlight the consequences of carbon leakage on global climate goals and discuss why it is crucial to address this issue on an international scale.

Understanding the impact of carbon leakage is vital for crafting effective climate change mitigation strategies. We examine how this phenomenon can undermine the efforts made by countries to reduce greenhouse gas emissions and achieve targets outlined in international agreements such as the Paris Agreement.

Join us as we explore the potential solutions to combat carbon leakage, such as the implementation of border carbon adjustments, harmonization of carbon pricing mechanisms, and strengthening international cooperation. We shed light on the challenges and opportunities associated with these strategies and discuss their potential effectiveness in curbing carbon leakage and fostering global climate action.

If you are passionate about climate change and want to deepen your understanding of the complex issues surrounding it, this video is a must-watch. Subscribe to our channel and hit the notification bell to stay updated on our future videos dedicated to environmental sustainability and climate change topics.

Together, let's raise awareness, foster knowledge, and work towards a greener and more sustainable future. Watch now and join the conversation on carbon leakage and its contribution to climate change!

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What is Carbon leakage & how it contributes to climate change?

What is the EU Carbon Border Adjustment Mechanism (CBAM)?

As the European Union increases its policies and regulations in an effort to combat climate change, there is a risk of ‘carbon leakage' - whereby companies based in the EU move their carbon-intensive production or manufacturing abroad to countries with less stringent climate policies or without any form of carbon tax, or where EU products are simply replaced by imported products with higher carbon footprints. 

The EU Carbon Border Adjustment Mechanism (CBAM) has been introduced to combat this situation. It's a mechanism that “puts a fair price on the carbon emitted during the production of carbon-intensive goods that are entering the EU, and to encourage cleaner industrial production in non-EU countries.”  

Essentially the mechanism's key objective is to level the playing field for European producers operating in the EU market who face a financial impact for their emissions under the EU ETS, while also encouraging industrial decarbonisation globally.

CBAM was officially adopted by the EU Commission on the 17th of August, 2023. The mechanism entered into a transitional period from the 1st of October 2023, which will run until the 31st of December 2025, meaning that the CBAM will come into full effect from the 1st of January 2026.

What is ‘carbon leakage’ and how will the Carbon Border Adjustment Mechanism tackle it? 
Industries in the EU face strict limits on the CO2 emissions they produce. To get around these rules, companies may move production to non-EU countries with weaker regulations. 
The European Parliament has approved new rules to encourage responsible behaviour by EU companies and discourage the import of cheap carbon-intensive products made in non-EU countries.
Find out more in our short Q&A.

The Carbon Border Adjustment Mechanism explained

How does the Carbon Border Adjustment Mechanism work?

The CBAM will apply to goods produced in countries that are not covered by the EU ETS. This includes both goods that were produced in their entirety outside of the EU and goods that underwent substantial production outside of the EU. 

The CBAM has been designed to support businesses during this period of change which is why it gradually increases in scope. As of October 1, 2023, the transitional period began. What this means is that importers of certain goods whose production is carbon intensive and susceptible to carbon leakage will have to report on GHG embedded in their imports. At this stage, however, they are not expected to make any financial payments. 

Goods that will fall under the transitional period of the CBAM include:

Some downstream products that contain iron and steel - for example, screws and nails

In 2026, the transitional period will come to an end and importers will be expected to start paying adjustments. This ensures that the carbon price of imports is equivalent to the carbon price of domestic products and that the EU's climate objectives are not undermined. It's possible that at this point the scope of CBAM requirements will be expanded and that further goods will also be subject to the carbon levy.

As the EU raises its own climate ambition, but less stringent environmental and climate policies prevail in non-EU countries, there is a strong risk of so-called ‘carbon leakage’, which can shift
emissions outside of Europe and seriously undermine EU and global climate efforts.

That’s why the EU needs the  new Carbon Border Adjustment mechanism for imports of goods from outside the EU: a system that puts a fair price on the carbon emitted during production, and that encourages cleaner industry in non-EU countries.

https://ec.europa.eu/taxation_customs/news/commission-proposes-new-carbon-border-adjustment-mechanism-and-revision-energy-taxation_de

Carbon Border Adjustment Mechanism in 60 seconds

The transition period of the CBAM's implementation began in October 2023 and will run until December 2025. The intention of this transition period is to allow for a gradual phasing in of the CBAM, allowing businesses (both within and outside the EU) to transition to the new system.

With only GHG reporting obligations at this point, businesses will be given some flexibility when it comes to reporting on emissions embedded in their imports. During the first year of implementation, businesses will have a choice of completing their quarterly reports in one of three ways: 

Full reporting in line with new EU methodology;

Reporting based on equivalent third-country national systems;

Reporting based on default emissions data (also referred to as default values or reference values). 

However, as of January 2025, only the EU method will be accepted. 

The European Commission has developed in-depth guidance, IT tools, training materials, and tutorials that will support importers who must calculate and report emissions when the CBAM transitional period begins. To access these CBAM implementation training tools and documents, head over to the European Commission's website.

❗Good to know: Importers are expected to collect data from the fourth quarter of 2023, however, their first report will not need to be submitted until the end of January 2024.

The permanent system will come into effect from January 1st, 2026. This means that importers will need to declare the number of products imported to the EU in the preceding year (known as the annual CBAM declaration), along with data on their embedded greenhouse gas emissions. 

Importers will then need to surrender CBAM certificates corresponding to the GHGs embedded in imported CBAM goods, effectively imposing a carbon price. The cost of these certificates will be determined by the weekly average auction price of allowances under the EU carbon market. Importers will have to purchase CBAM certificates for the same amount per tonne of carbon dioxide as if the goods had been manufactured within the EU. In other words: the price of CBAM certificates will correspond to carbon prices at the EU ETS.

If an importer does not hand over the correct number of corresponding CBAM certificates, they will have to pay a fine for each tonne of carbon dioxide equivalent. Where the goods have been imported by a person who is not a CBAM declarant, the penalty will be between 3 and 5 times higher than this, depending on the “duration, gravity, scope, intentional nature and repetition” of the non-compliance.

💡 A note on embedded emissions: These are the direct GHG emissions from the manufacturing of goods, that are generated from activities the manufacturer owns or controls.

The European Commission will perform a review of the CBAM prior to the end of its transitional period. It will also be determined whether or not the scope of the mechanism should be expanded to include other product groups (for example organic chemicals and downstream products). A timetable is expected to be produced which will outline the sectors covered and the inclusion of other goods already covered by the EU ETS. 

By 2030 it is hoped that all goods covered by the EU Emission Trading Scheme will be included in the CBAM. 

The European Commission is also expected to consider whether or not it should expand emissions covered by the CBAM to include both direct and indirect emissions. As it stands the EU CBAM applies to direct emissions of greenhouse gases emitted during the production phase of the covered products, as well as to indirect emissions for a subset of those products.

<table border="1" cellpadding="10" cellspacing="0">
  <tr>
    <th>Phase</th>
    <th>Timing</th>
    <th>Application</th>
  </tr>
  <tr>
    <td>Transitional Period Begins</td>
    <td>October 2023</td>
    <td>Importers report GHG emissions for carbon-intensive goods, no financial payments required.</td>
  </tr>
  <tr>
    <td>First Year Reporting Options</td>
    <td>October 2023 - October 2024</td>
    <td>Businesses choose reporting method: full EU reporting, third-country equivalent systems, or default emissions values.</td>
  </tr>
  <tr>
    <td>Full Reporting in Line with EU Methodology</td>
    <td>January 2025</td>
    <td>Only EU methodology for GHG reporting accepted.</td>
  </tr>
  <tr>
    <td>End of Transitional Period</td>
    <td>December 2025</td>
    <td>Importers start preparing for full financial adjustments.</td>
  </tr>
  <tr>
    <td>Permanent System Begins</td>
    <td>January 1, 2026</td>
    <td>Importers start paying adjustments based on GHG emissions embedded in their imports.</td>
  </tr>
  <tr>
    <td>Scope and Coverage Review</td>
    <td>End of 2025</td>
    <td>Review of CBAM's scope and potential expansion to new product groups.</td>
  </tr>
  <tr>
    <td>Potential Expansion of Covered Goods</td>
    <td>2026-2030</td>
    <td>Possible inclusion of organic chemicals and downstream products; extension of coverage to indirect emissions.</td>
  </tr>
  <tr>
    <td>Full Scope Implementation</td>
    <td>By 2030</td>
    <td>Expected full implementation covering all goods under the EU ETS.</td>
  </tr>
</table>


What companies in the US need to know about CBAM

The Carbon Border Adjustment Mechanism (CBAM) is likely to have significant implications for US businesses exporting to the European Union, particularly those in carbon-intensive sectors such as steel, aluminum, cement, and fertilizers. As the US does not have a national carbon pricing mechanism equivalent to the EU’s Emissions Trading Scheme (ETS), American exporters will need to adapt to the new CBAM regulations.

Key ways CBAM could impact US businesses include:

US exporters of covered goods will need to report the GHG emissions embedded in their products to comply with CBAM. This will require them to track their emissions, potentially leading to increased administrative costs, especially for businesses that have not previously monitored their carbon footprint in detail.

From 2026, US businesses will be required to purchase CBAM certificates for products exported to the EU, reflecting the carbon price they would have paid if they were part of the EU’s ETS. This could raise the cost of US goods in the EU market, potentially making them less competitive compared to lower-carbon or EU-produced alternatives.

US businesses will face growing pressure to reduce their carbon emissions to mitigate the impact of CBAM. Companies that successfully decarbonize their production processes could reduce their CBAM-related costs, making their exports more competitive in the EU market.

There is a possibility that CBAM could exacerbate trade tensions between the US and the EU, especially if the US government views the mechanism as a protectionist measure. However, US businesses may also lobby for the introduction of a national carbon pricing system or other climate policies to level the playing field with European competitors.

For US companies that export carbon-intensive products, managing Scope 3 emissions from their supply chains will be crucial. Working with suppliers to reduce emissions could lower their overall carbon footprint and reduce the cost of CBAM compliance.

Overall, CBAM will likely increase costs for US businesses exporting carbon-intensive goods to the EU. However, those that act early to reduce emissions may gain a competitive advantage, positioning themselves as leaders in sustainability and global trade.

Importers of goods manufactured outside of the EU, that fall within the scope of the CBAM, should look to familiarise themselves with their obligations. They will also need to ensure that they: 

Register with national authorities before importing goods;

Declare the volume of imported goods and their embedded GHG emissions annually (this will require the collection of emissions data, including emissions stemming from their supply chain); 

From January 2026, they will need to obtain the corresponding amount of CBAM certificates to cover embedded emissions; 

The European Commission has created a transitional registry for CBAM to assist EU importers in fulfilling and reporting their CBAM-related responsibilities. Importers should request access to this registry via the National Competent Authority (NCA) in the relevant EU Member States. 

Greenly is here to guide your business through the transition to a more sustainable future, offering robust carbon management solutions to help reduce environmental impact:

Measure Your GHG Emissions: Monitor your Scope 1, 2, and 3 emissions using advanced technology, providing an overview of your business’s carbon footprint.

Tailored Action Plans: Collaborate with Greenly’s team of climate experts to develop customized strategies targeting key areas of improvement, helping you implement high-impact actions to reduce emissions and support sustainable growth.

Addressing Scope 3 emissions from your supply chain can be one of the toughest challenges in carbon reduction, but it’s vital for achieving your net-zero goals. Greenly helps you engage suppliers, transition to low-carbon alternatives, and build more sustainable relationships. Our solutions boost transparency and enable you to cut emissions throughout your entire supply chain.

Our easy-to-use platform streamlines the process of tracking and managing your carbon footprint. With Greenly, you can monitor your environmental impact, measure progress against ESG goals, and embed sustainability into every aspect of your operations.

Greenly provides end-to-end support throughout your sustainability journey - from accurate carbon measurement and tailored action plans to supply chain decarbonization and effortless platform integration. 

Begin your journey toward net zero with Greenly today and help shape a more sustainable future for all.

Why is Biden being pressured to declare climate change as a national emergency, and would it really curb emissions or natural disasters?

What Would Happen if Climate Change is Declared a National Emergency?

Climate change has been a serious problem for a while now, but with the wildfire smoke soaring through the U.S. after the Canadian wildfires, dwindling air quality across the East Coast this past summer, and the horrific wildfires in Maui – many Americans are beginning to insist that Biden declares climate change as a national emergency.

👉 What would declaring climate change as a national emergency do, how likely is Biden to do it, and what effect would it really have on the country’s carbon footprint and current natural disasters?

Why was Biden receiving pressure to declare climate change as a national emergency?

After one crisis induced by climate change after another, many Americans have finally had enough – with many advocates now pressuring Biden to declare climate change as a national emergency.

Much of this pressure comes after multiple climate-change related incidents and disasters after another – with deadly wildfires, floods, droughts, bizarre weather patterns in California, an increase in bugs, the planet having its hottest day on record, and new vulnerability to power grids alongside these increasing temperatures. 

In fact, the U.S. has already had 23 "billion dollar disasters" this year alone –  depleting the U.S. of a whopping $58 billion in disaster repairs, recoveries, and even reparations – with natural disasters this year alone claiming 253 lives.

President Biden is facing pressures from climate activists and Democrats to declare climate change a national emergency after the devastating wildfire in Maui. NBC News’ Hallie Jackson has more.

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#NBCNews #Biden #ClimateChange

Biden urged to declare climate change a national emergency

Activists are pushing for Biden to declare an official national emergency, believing that more needs to be done despite Biden’s previous efforts to rectify climate change. 

What will happen to climate change in the U.S. now that Trump is president-elect?

Now that Trump has been elected as the 47th president of the United States, it’s clear that climate change will be put on the back burner once more – with the U.S. administration likely to pull out of the Paris Agreement, cut back on climate legislation, and follow through on Trump’s infamous model, “drill, baby, drill.”

All of these efforts to boost the economy and other incentives to refine American culture to Christian nationalism, especially, under Project 2025, will deter the U.S. from prioritizing any climate goals in the near future. 

👉 Furthermore, Trump has always made clear that he is skeptical of climate change in of itself – making it unlikely that the Trump administration will view climate change as a national emergency. 

The table below depicts the differences between Biden and Trump's climate change policies:

<table border="1" cellpadding="10">
  <thead>
    <tr>
      <th>Policy Area</th>
      <th>Biden's Approach</th>
      <th>Trump's Approach</th>
      <th>Potential Impact of Policy Reversal</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td>Climate Change and International Agreements</td>
      <td>Rejoined the Paris Agreement, committing to net-zero emissions by 2050 and aiming for a 50-52% reduction by 2030</td>
      <td>Withdrew from the Paris Agreement, emphasizing national sovereignty over international climate commitments</td>
      <td>Reversal may reduce U.S. participation in global climate goals, affecting international cooperation and progress</td>
    </tr>
    <tr>
      <td>Fossil Fuels and Renewable Energy</td>
      <td>Supports renewable energy expansion, with funding for solar, wind, and electric vehicle infrastructure</td>
      <td>Promoted fossil fuel industries, reduced regulations on oil and gas drilling, and rolled back renewable energy incentives</td>
      <td>A shift back to fossil fuels may slow clean energy growth, increase greenhouse gas emissions, and hinder job creation in renewables</td>
    </tr>
    <tr>
      <td>Environmental Regulations</td>
      <td>Restored and strengthened EPA regulations on emissions, air, and water quality standards</td>
      <td>Rolled back numerous EPA regulations to reduce business costs, prioritizing economic growth over environmental restrictions</td>
      <td>Reversals could weaken environmental protections, leading to poorer air and water quality and increased health risks</td>
    </tr>
    <tr>
      <td>Public Lands and Conservation</td>
      <td>Expanded protections for federal lands and reinstated national monument boundaries reduced under Trump</td>
      <td>Reduced the size of national monuments, opening public lands for oil, gas, and mineral extraction</td>
      <td>A return to reduced protections may lead to increased resource extraction, affecting biodiversity and ecosystems</td>
    </tr>
    <tr>
      <td>Carbon Emissions and Industrial Pollution</td>
      <td>Implemented stricter emissions targets and promoted policies to reduce methane emissions in the oil and gas sector</td>
      <td>Loosened emissions standards for industries, including coal plants, arguing it would benefit the economy and job market</td>
      <td>Looser emissions standards may result in higher greenhouse gases and pollution, potentially worsening climate impacts</td>
    </tr>
    <tr>
      <td>Transportation and Infrastructure</td>
      <td>Invested in green infrastructure and electric vehicle (EV) incentives, with targets for 50% EV sales by 2030</td>
      <td>Supported traditional infrastructure projects, with limited emphasis on green or sustainable technology</td>
      <td>Reversals could reduce EV adoption rates and limit green infrastructure, affecting long-term emission reductions</td>
    </tr>
  </tbody>
</table>


What was Biden’s policy on climate change?

Biden has previously said that the biggest threat to human existence is climate change, which was a large part of his campaign for presidency alongside vice president Kamala Harris – where they both advocated to implement policies to fight against climate change and reduce emissions in the country once and for all.

On some fronts, Biden has held up to his promise – passing a revolutionary climate bill (better known as the Inflation Reduction Act of 2022) last summer that allocated a whopping $369 billion towards the transition to the use of clean energy by enticing Americans with a tax incentive for those who pick the more energy efficient option when shopping – such as by choosing an electric car over a gasoline powered one.

The Biden administration has also helped to protect forests in the country, most notably with the Tongass National Forest – as Biden repealed the Roadless Rule in order to prevent the state of Alaska from turning much of it into a commercial resort. As a result, the wildlife in the Tongass National Forest will be protected, biodiversity will be supported, and the vast amount of trees can help to absorb excessive carbon dioxide in the atmosphere.

Most notably, Biden made sure to re-join the Paris Climate Agreement after Trump infamously withdrew the country from the well-known climate treaty – a prime selling point that Biden used during his campaign to demonstrate his dedication towards environmental reform. 

However, many are beginning to wonder if Biden has been as climate-forward as he promised he initially promised to be.

Why are Americans losing confidence in Biden’s stance on climate change?

During his campaign, Biden promised to reduce oil and gas drilling – something that Biden hasn’t satisfied many of his supporters with. 

For example, Biden approved of the Conocophillips’ Willow Project – an oil drilling project set to take place in the North Slope of Alaska, which has left many confused on where Biden really stands when it comes to climate change. In fact, Biden has approved of more oil drilling projects in his presidency than Trump did during his term. 

Still, Biden has remained adamant towards his commitment to climate change – stating that he has, “practically” declared climate change as a national emergency – angering many pressuring him to declare it an official emergency, which he has not.

Many advocates pressured Biden to declare it as a national emergency, calling Biden out on the operative word, “practically” – as they have pointed out Biden’s continued agency to partake in oil drilling projects.

In addition to this, as debates for the 2024 presidential election begin – climate change will be the subject of many of these debates, and Biden may be left to further scrutiny for the oil projects he has approved of while in office. For many, the only hope left for Biden to prove his loyalty to rectifying global warming would be to declare climate change as a national emergency while he is still serving his term as president. 

How would declaring a national emergency on climate change satisfy these advocates pressuring Biden?

What could Biden do if he declared climate change as a national emergency?

“Practically” declaring a climate emergency and officially declaring one are two completely different things. 

If Biden is to officially declare climate change as a national emergency, a lot of mitigation efforts could be put into full-swing at full-speed without the need to discuss it with parliament or require further approval.

Think of the president declaring a national emergency like unlocking a super power in a video game. Oftentimes, super powers in video games allow for extra lives, special powers, shortcuts, or the ability to be invincible. This is very similar to the powers granted by the President of the United States when one is to declare a national emergency of any kind.

Declaring a national emergency on climate change would unlock special abilities to be used by Biden – with a long list of climate change reform tactics that could be implemented almost immediately. For example, he could put a ban on crude oil exports, completely suspend offshore oil and gas drilling projects, and even move money from the military to be used for developing new renewable energy projects.

This isn’t some new, secret super power being brought to everyone’s attention now – the power to declare a national emergency has been an option for presidents ever since the National Emergencies Act of 1976. Even though a national emergency can only last a year, it can always be renewed until climate change would be considered under control.

There would be two major expectations on behalf of Biden if he were to declare an official climate emergency. 

One would be to use his new capabilities to make use of the Defense Production Act, which could accelerate the production of clean energy technologies and implement them throughout the country at the quicker pace it desperately needs. This is the same thing that Trump did during the pandemic in order to ensure vaccines would be made fast enough to deter the pandemic from spreading further. 

Second, he would be expected to pass more direct bills or pieces of climate legislation to make progress – as some victims of these climate crises, such as those in Hawaii, will not benefit from the green incentives expressed in the Inflation Reduction Act of 2022.

President Joe Biden on Monday told survivors of Hawaii’s wildfires that the nation “grieves with you” and promised that the federal government will help “for as long as it takes” Maui to recover from damage caused by the deadliest U.S. wildfire in more than a century.

Biden arrived in Maui 13 days after fire ravaged the western part of the island, killing at least 115 people. Standing near a severely burned 150-year-old banyan tree, the president acknowledged the “overwhelming” devastation but said that Maui would persevere through the tragedy.


“Today it’s burned but it’s still standing," Biden said of the tree. "The tree survived for a reason. I believe it's a very powerful symbol of what we can and will do to get through this crisis.”


Biden and first lady Jill Biden got a close-up look at the devastation, seeing block after block of hollowed out homes and other structures, charred cars, singed trees and piles of debris as his motorcade wound through Lahaina. They spent most of their time in the historic town of 13,000 people that was virtually destroyed by the flames.

The Bidens lingered briefly on the tarmac after arriving at Kahului Airport to console Hawaii Gov. Josh Green, his wife Jaime Green and members of Hawaii's congressional delegation who greeted them. The president and first lady embraced each of their greeters before they boarded the Marine One helicopter for an aerial tour of the damage.

The Bidens also met with first responders and members of the community, and were briefed by state and local officials about the ongoing response. They also participated in a blessing of his visit by island elders. They had interrupted a weeklong vacation in the Lake Tahoe area to visit Lahaina.


Earlier Monday, the White House announced that Biden has named Bob Fenton, a regional leader at the Federal Emergency Management Agency, to be the chief federal response coordinator for the Maui wildfires, overseeing the long-term recovery. It will take years to rebuild Lahaina, where just about every building was obliterated.

“We’re going to rebuild the way the people of Maui want to rebuild,” said Biden, adding that his administration would focus on respecting sacred lands, cultures and traditions.

Dozens gathered on the streets of Lahaina to watch Biden's motorcade wind its way through the community. Some greeted the president enthusiastically, but others appeared to be waving their middle fingers at the motorcade. Other island residents held up signs urging Biden “to listen to the people of Lahaina” and to send more aid.

President Joe Biden visits Hawaii after wildfires

Despite the fact that Biden has allocated over $8 million to help Hawaiians address the immediate needs following the wildfires, many are adamant that more should be done – and to some degree, they aren’t wrong. A $700 check to someone who has just lost their home isn't going to prevent another wildfire in the future.

Many remain hopeful that following Biden’s visit to Maui, that seeing the damage the wildfires have caused with his own eyes will elicit a change of heart to declare a climate emergency.

👉 If climate change is declared as a national emergency, then it would make reducing emissions and protecting the environment the country’s number one priority – at least for the short term until the situation improves.

Biden has the complete power to declare climate change as a national emergency and do all of the above, and yet he hasn’t – what could be stopping him?

What is keeping Biden from declaring a national emergency on climate change?

This question is still yet to be answered, and is unlikely to be answered by Biden himself following his previous and most recent answer that he has already “practically declared” climate change as a national emergency. One can only theorize, but there are a few reasons why Biden may be hesitant to declare an official emergency on climate change.

A big reason for Biden not to declare an official emergency may have had to do with the 2024 presidential election, as prior to Kamala Harris taking his place – he was set to run against Trump again.

While declaring such an emergency would satisfy younger generations and environmental activists, it may dishearten other people that Biden is hoping to win a vote from. It’s logical that the president may be trying to play it safe, especially as headlines are already flooded with Trump’s recent indictment – and to avoid any massive press that could intensify the current Republican GOP debates. In short, it’s best to avoid extreme measures of any kind as the debates begin – and it could make sense that Biden wants to avoid a drastic divide on this subject matter.

Many avenues that Biden has focused on throughout this presidency may be overlooked in the long run, as declaring a national emergency may show that he only cares about climate change and not the other controversial issues in the country: such as healthcare, gun violence, and abortion. This is because declaring a national emergency on climate change would insinuate that funding for these other issues in the country would be depleted and even ignored in the immediate future.

Maybe it's for semantics, but those semantics could potentially cost Biden his re-election. 

Would a national emergency really curb the country’s emissions?

The U.S. is currently the second highest emitting country in the world behind China when it comes to emitting greenhouse gas emissions, so it’s fair to wonder – would declaring a national emergency really curb a problem the country has been facing for a long time?

The truth is declaring a national emergency on climate change wouldn’t curb the country’s emissions right away – but it would be a solid start. The best comparison is to compare a national emergency on climate change to the national emergency with the Covid-pandemic – things did not get better for several months, but the country was able to turn things around quicker than if an emergency hadn’t been declared. 

All eyes are on Biden to see if he declares climate change a national emergency, something the country is in dire need of, but with his term coming to a close and re-elections around the corner – those hopeful might be crossing their fingers and toes for quite some time.

If reading this article about what would happen if Biden declares climate change as a national emergency has made you interested in reducing your carbon emissions to further fight against climate change – Greenly can help you!

Biden would be up for a challenge with climate change declared as a national emergency, just as companies like yours are probably every day, but don’t worry  – Greenly is here to help. Click here to schedule a demo to see how Greenly can help you comply with all of the upcoming regulations relevant to your company. 

Greenly can help you make an environmental change for the better, starting with a carbon footprint assessment to know how much carbon emissions your company produces.

After seeking opportunities to put her various creative passions to good use, she joined Greenly in mid 2022 as SEO copywriter for the U.S. blog to provide her American perspective on the climate change issues we face today.

Stephanie Safdie - Greenly

Stephanie Safdie holds a bachelor's degree in English Language & Literature from the University of Maryland College Park, where she specialized in multimedia studies and media literacy to write engaging content made for the internet. She previously worked as a social media content video creator, freelance copywriter, and continues to write SEO generated content for her travel website. After seeking opportunities to put her various creative passions to good use, she joined Greenly in mid 2022 as SEO copywriter for the U.S. blog to provide her American perspective on the climate change issues we face today. Her work at Greenly covers a wide variety of topics, such as the impact of popular culture events on the environment, offering unique ideas for sustainable development, and breaking down new climate legislation in simple terms. As Stephanie is passionate about linking the bridge between the everyday activities we love to do (such as travel, concerts, fashion, food, etc.) and the effect it has on the environment, she is pursuing further training for more in-depth journalistic endeavors on the environment in the future.

After starting her career at Greenly in 2022, she started a joined PhD between the startup and CentraleSupélec to improve company sustainabilty performance ratings.

Marine Kohler

Marine has an engineering degree from the French school of CentraleSupélec and a masters in Industrial Management from DTU. After starting her career at Greenly in 2022, she started a joined PhD between the startup and CentraleSupélec to improve company sustainabilty performance ratings.

Copywriter specializing in environmental thematics

Scope 1, definition

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