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EU proposes 90% 2050 climate target
European Commission introduces new flexibilities for member states to ease compliance with headline goal
Carbon border tax exemptions to become law
EU Parliament and Council both agree to exempt bulk of importers from paying a carbon tax on goods imported into the EU
EU ETS prices rally on cold weather and high gas prices
Rising prices have added to concerns over CBAM impact on the competitiveness of EU manufacturing
Carbon shipping vital for EU CCS value chain
Maritime technology will help industry scale and enable the development of CCS projects in Southern Europe
Parliamentary elections could hinder EU climate ambition
Centrist bloc remains in power, but the EPP and EU Council have signalled a move away from climate issues
Letter on carbon: Free movement
Europe must unlock cross-border CO₂ trade if it wants to build a viable CCS sector for the long term
EU agrees on new carbon removals laws
Operators will be liable for leaks back into the atmosphere under rules designed to give clarity to industry
EU carbon taxes driving away investment – INEOS CEO
Carbon costs imposed by EU on chemicals sector are unsustainable, INEOS CEO and founder Jim Ratcliffe warns commission president
DAC takes centre stage in EU carbon strategy
Carbon removal technology instrumental in meeting 2040 and 2050 emissions targets, European Commission says
EU ETS prices will rise with 90% 2040 GHG target
Incoming EU climate commissioner Wopke Hoekstra has defended the target, which has bullish implications for EU ETS prices
An agreement was reached between EU member states and MEPs
ETS EU
Tom Young
19 December 2022
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EU reaches agreement on ETS revision

New scheme for transport and buildings paired with tighter cap in existing system

Emissions covered by the EU emissions trading system (ETS) must be cut by 62pc by 2030 below 2005 levels, following an agreement between the European Parliament and the Council of the EU on a revision of the scheme. To reach this level, the number of allowances will be reduced by 4.3pc each year from 2024–27 and 4.4pc from 2028–30.There will also be a one-off reduction of 90mn in 2024 and 27mn in 2026. 62pc — Cut in ETS sector emissions below 2005 level required by The Carbon Border Adjustment Mechanism (CBAM)—on which MEPs reached an agreement with EU governments earlier this week to prevent carbon leakage—will be phased in at the same speed that the free allowances in the ETS will

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