The Belgrade Stock Exchange plans to introduce trading in carbon credits, according to CEO Lazo Ostojić.
The Belgrade Stock Exchange intends to connect all capital markets in the Western Balkans through various innovative products, enable domestic investors to access foreign stock exchanges, and develop two platforms, Tanjug reported.
One platform relates to the trading of digital tokens, and the other to the European Union’s CBAM regulation.
The E’s Carbon Border Adjustment Mechanism entered into force on January 1. From the beginning of this year, firms in the EU that import aluminum, cement, electricity, iron and steel, hydrogen and fertilizers from non-EU countries are obliged to pay a carbon price under CBAM.
Ostojić: The idea is to establish a platform similar to the EU ETS
Ostojić explained that their idea is to establish a platform similar to the EU Emissions Trading System (EU ETS). It would enable Serbian firms to buy carbon credits to cover their CO2 emissions and mitigate the risk of additional costs when exporting to the EU due to the CBAM regulation, he said.
Photo: Belgrade Stock Exchange/LinkedIn
He expects that companies from the region, facing similar issues, will also be interested in this option.
Under the EU ETS, companies are required to hold as many emission allowances as their emissions. Emission allowances can be purchased at auctions and received for free, as well as traded on the open market.
Serbia recently introduced two taxes related to emissions
Alongside the implementation of CBAM, Serbia has introduced the Law on Greenhouse Gas Emissions Tax and Law on Carbon-Intensive Product Imports Tax. They came into effect on January 1, too. Both are EUR 4 per ton of CO2 equivalent.
The Law on Greenhouse Gas Emissions Tax is applying to firms obligated to have a license for emissions from their plants. Fifty companies have obtained such licenses for 92 facilities.
Belgrade Stock Exchange CEO Lazo Ostojić recalled that they are switching to the Greek trading system OASIS.
“We have initiated the process of regionally connecting capital markets with the possibility to join the largest pan-European group – Euronext,” he added.
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