22/07/2021 (Agence Europe) – On Thursday 22 July, Bruno Le Maire and Peter Altmaier, the respective French and German Ministers for the Economy, gave their initial opinion on the Carbon Border Adjustment Mechanism (CBAM) presented by the European Commission on 14 July. While they welcome the measure, they stress the need to protect European businesses. Mr Altmaier believes that “we need to increase support for European industry to better overcome the transformation process”. The European Commission has proposed a phase-out of free allocation of allowances to European businesses under the Emissions Trading Scheme (ETS) within 10 years, starting in 2026. Many observers are critical of this timetable, believing that this favour towards European businesses should be swiftly lifted (see EUROPE 12762/5, 12763/24). According to Mr Le Maire, “the faster we want to go, the more we need to support the industries concerned”. (LM)