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ERCST & Veyt 2026 Review of the EU ETS and MSR: Whitepaper Launch Event (Public)
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This event, organized in partnership between ERCST and Veyt, marks the launch of a new whitepaper by Veyt, exploring reform options for the Market Stability Reserve (MSR) under the EU Emissions Trading System (EU ETS). The study presents multiple scenarios, and model runs assessing the impact of different design choices on market balance, price trajectories, and policy trade-offs. Veyt’s study focuses on a dynamic release function accounting for increasing future market tightness as well as the interaction with supply adjustments resulting from the RePowerEU programme.
In line with the EU ETS Directive, the European Commission is mandated to annually assess the system’s functioning and future design. In June 2024, the Commission initiated a call for tenders to support the evaluation of the EU ETS and the Market Stability Reserve (MSR), as well as the 2026 review of both mechanisms. Building on this, in April 2025, the Commission launched a 12-week public consultation to gather stakeholder views on the evaluation and review of the EU ETS and MSR, aiming to ensure the system continues to contribute effectively to the EU’s climate neutrality goals by 2050.
Complementing the Commission’s official review, independent assessments play a crucial role in evaluating the EU ETS’s functionality and delivery.
The authors will present their findings, followed by a moderated roundtable discussion. Participants from industry, financial institutions, Member State governments, civil society, and the European Commission.
