This was an online event.

The European Climate Law mandates a minimum 55% reduction in GHGs by 2030 from 1990 levels and targets Net Zero by 2050, prompting the European Commission to set a 2040 climate goal. An upcoming 2024 communication will assess the impact and address carbon removals essential for the “fit for 55” and 2050 Net Zero goals.

Under the current framework, the EU ETS plans to issue its final emissions permits by 2039, with future residual emissions offset by carbon removals. Yet, the current EU policy lacks a specific framework for this. There’s advocacy for establishing a European Carbon Bank, an Innovation Authority, and a Carbon Removal Certification Authority to enhance the EU’s carbon market structure.

A European Carbon Bank could optimize carbon market operations, support emission reductions, and aid the global shift to a low-carbon economy, ensuring market liquidity and addressing ETS 1 supply constraints by the 2030s.

This meeting was intended as a roundtable with a small group of invited stakeholders and policy makers to brainstorm on the potential aim and governance of a Carbon Bank in the EU, as well as its practical shape and implications on the current EU Climate architecture.

Agenda     Slides    Recording