Starting January 1, 2026, Serbian companies in sectors considered major polluters—such as cement, iron, steel, aluminum, fertilizers, and electricity production—will be required to pay a carbon emissions tax. The tax will also apply to companies importing carbon-intensive raw materials. Draft laws on the greenhouse gas emissions tax and the import tax on carbon-intensive products are currently open for public consultation until October 21, with the first public meeting scheduled for October 8 at the Serbian Chamber of Commerce.
The national tax is set at €4 per ton of CO₂, significantly lower than the European Union’s Carbon Border Adjustment Mechanism (CBAM), which can reach up to €90 per ton. By paying the domestic tax, Serbian companies may avoid higher EU charges, provided that European authorities recognize Serbia’s carbon certificates. The Ministry of Finance emphasizes that the tax aims to encourage investment in renewable energy, green construction, and decarbonization, framing it as an incentive rather than a new burden.
NALED estimates the tax could cost the Serbian economy around €100 million annually, with part of the cost potentially passed to consumers. The import tax on carbon-intensive products (“national CBAM”) is intended to protect domestic industries from third-country imports.
Industry stakeholders note that while exporters, such as aluminum and steel producers, benefit from protection against EU CBAM, non-export sectors like cement production may face higher costs. EPS (Serbia’s state electricity company) is expected to bear a significant share of the tax, though a tax credit of up to 80% is proposed to encourage decarbonization and the shift to renewable energy.
Cement producer Moravacem, part of the multinational CRH group, highlights ongoing decarbonization efforts, including reducing clinker content, using alternative fuels, and improving plant energy efficiency. These measures align with the national strategy and EU requirements, aiming to lower carbon footprints and improve competitiveness in international markets.
