In the context of the Paris Agreement, the European Union is increasing its efforts towards decarbonisation. Currently, the EU climate strategy is centred around three emissions reduction targets compared to 1990 levels: a cut of 20% of GHG emissions by 2020, at least 40% by 2030; and an implicit reduction of 80-95% by 2050. These targets have increasingly been put into question, as many stakeholders are pushing the EU to speed up its decarbonisation efforts and embrace the goal of…

With the Phase 4 review, the European institutions attempted to make the EU ETS fit for life up till 2030. The work on implementing this review is coming to an end, with most of the secondary legislation being adopted in 2019; this work will likely be finalised in the first half of 2020. However, the EU ETS will continue to internalise new developments, including actions by other countries. It is never too early to think about what new developments can…

ERCST invites you to join our discussion on international climate change policy and ambition, focusing on the main takeaways from the SG Climate Summit, taking place on the 23 September 2019, and looking ahead to the upcoming COP 25 in Santiago, Chile. This meeting will consist of three parts: Reflections on the SG Summit: possible implications for EU climate change policy and COP 25 Looking ahead to COP 25: Priorities and work to be done Briefing on the status of…

This meeting is part of an ongoing effort by ERCST to promote a discussion on the review of the Market Stability Reserve (MSR), scheduled in 2021. Building on earlier discussions with stakeholders held in February, March and July 2019, ERCST will present the main findings of its draft paper “Preparing the review of the Market Stability Reserve”. The aim of the paper is to identify the goals and functions of the MSR, and ways for the 2021 review to analyse…

The revision for the fourth phase of EU Emissions Trading System (2021-2030) introduced a number of important changes concerning funding mechanisms in the system. Existing mechanisms – the Solidarity Provision and Article 10c Derogation – were updated, and new instruments – the Modernisation Fund and the Innovation Fund – have been introduced. The delegated regulation for the innovation fund was adopted in February and eligible member states communicated their decision to (not) use Article 10c derogation by June 30 by…

In the context of the Paris Agreement, the European Union is increasing its efforts towards decarbonisation. Currently, the EU climate strategy is centred around three emissions reduction targets compared to 1990 levels: a cut of 20% of GHG emissions by 2020, at least 40% by 2030; and an implicit reduction of 80-95% by 2050. These targets have increasingly been put into question, as many stakeholders are pushing the EU to speed up its decarbonisation efforts and embrace the goal of…

Carbon Dioxide Removal Technologies (CDRTs) are expected to play an increasingly important role, but up to and after 2050. At the international level the IPCC highlights how they could be necessary: the IPCC notes that carbon dioxide removal (CDR) deployment over the 21stcentury is substantial in most pathways considered 1,5°C-consistent. In order to move ahead with CDRTs, they need to be incentivized (not least financially) within an enabling framework. The focus of ERCST on this topic will therefore be on…