Making the EU ETS ‘Fit for 55’
More than 15 years after its launch, the EU Emissions Trading System (EU ETS) is undergoing one of its most significant reforms to date, intended to align it with the accelerated climate ambition of the European Green Deal. On 14 July 2021, the European Commission presented the 'Fit for 55' package of legislative proposals to revise the entire climate and energy policy framework of the EU, including the legislation on the EU ETS, which it aims to strengthen and extend to new sectors. If all proposals of the ‘Fit for 55’ package are adopted, around 75% of EU emissions will be covered by a carbon price. What does this expansion mean for the decarbonization of the European economy, and what lessons have been learned under the EU ETS in 15 years of continuous evolution and improvement? How can these lessons inform developments in other jurisdictions implementing or exploring an ETS as a pillar of their decarbonization strategies?
Damien Meadows, Head of Unit for International Carbon Markets at DG CLIMA from the EU Commission presented his insights on these timely questions. Sam Van den plas, Policy Director at Carbon Market Watch and Ingvild Sørhus, Lead EU Carbon Analyst at Refinitiv discussed Damien Meadow's input and provided their perspectives on the implications of the 'Fit for 55' package for emissions trading in the EU. Camilla Bausch, Director at Ecologic Institute, moderated the discussion.
Presentation slides are available for download:
- Damien Meadows, DG CLIMA: "Making the EU ETS 'Fit for 55'" (PDF, English, 1.4 MB)
- Ingvild Sørhus, Refinitiv: "EU ETS and ‘Fit for 55’" (PDF, English, 677 KB)