Serbia has begun carbon pricing under two laws adopted in December 2025, creating a carbon tax for major industrial emitters and a levy on carbon-intensive imports. Implementing legislation adopted in July 2026 enables revenue collection in 2027 for emissions generated during calendar year 2026.
The measures create a new cost line for major industrial emitters and make carbon pricing a strategic issue for energy-intensive manufacturers in Serbia. The 2026 emissions period defines which emissions can generate revenue collection in 2027.
The European Commission described Serbia’s move as an important step and wants the country to progressively align both the sectors covered by its framework and its carbon price with the EU Emissions Trading System (ETS). It also wants Serbia to extend coverage to aviation, shipping and ETS2, including buildings, road transport and small industry.
Carbon costs are expected to increasingly affect project finance, electricity sourcing, product margins and competitiveness in supply chains serving the EU. Companies treating emissions data, energy procurement and decarbonisation investment as financial management, rather than merely compliance, will be better placed as the gap between Serbian and EU carbon pricing narrows.
