European Roundtable on Climate Change
and Sustainable Transition


The European Roundtable on Climate Change and Sustainable Transition (ERCST) is an independent nonprofit organisation working on European and Global climate change policies.


  • Article 6 Library Find out more
  • Border Carbon Adjustment in the EU: Sectoral Deep Dive Download 
  • Status of BCA's international developments Download 
  • Addressing supply-demand imbalance in EU ETS via MSR Download
  • Division and use of revenues Phase 4 EU ETS Download


  • Border Carbon Adjustment in the EU: Sectoral Deep Dive Watch
  • Making sense of EU Climate Policy by EUROFER Watch
  • BCA Conference by the Perm. Mission of Canada to the WTO Watch
  • Article 6 Library and Road to Glasgow Watch
  • Day 1 and 2 Global Townhall Border Carbon Adjustment Watch




REPORT: Border Carbon Adjustments in the EU: Sectoral analysis

This report is a sectoral assessment analyzing the suitability of a CBAM in addressing carbon leakage and the competitiveness of individual industrial sectors, as well as its impacts. The sectors considered in the analysis include: cement, chemicals, electricity, ferrous metals, fertilisers, non-ferrous metals, pulp & paper and refined petroleum products. Lastly, the report draws on information gathered through extensive consultations with stakeholders and experts, research, data analysis and cooperation with sectoral associations.

This report is the first in a series of fours reports that will be published during the 2nd part of ERCST’s project on Border Carbon Adjustments in the EU. The first part of the BCA in the EU project culminated in a report published in September on the issues and options for introducing a BCA in the EU.

PAPER: Addressing the supply-demand imbalance in the EU ETS through the MSR

This paper makes the case that that while many levers could be used to address current and future issues related to the carbon market and climate policy in general, including EU ETS market imbalances, each of them should focus on what they were intended to achieve, and not give way to expedience and inappropriate use. It also makes the case that the market stability reserve (MSR) was intended to address EU ETS market imbalances, and not raise climate ambition.

In addition, the paper outlines a number of consideration that should be part of the MSR review, in the context of making the EU ETS “fit for 55”.

PAPER: Phase 4 EU ETS - options to operationalise Dec 2020 EUCO conclusions

This paper intends to capture the state of debate regarding the use of revenues from EU ETS allowances, as well as how revenues are to be divided among Member States. Special attention is given to the recent European Council conclusions from December 10/11, 2020.

The paper puts forward options to operationalise relevant elements in the Council conclusions and discusses key questions that should be considered by stakeholders and policymakers when deciding on the division and use of revenues in the EU ETS.