ERCST

Stakeholder Roundtable: Future of Emission Trading in the EU – Role of Emissions Trading in EU climate policy
2024-11-05 10:30 - 12:30 (Europe/Paris) | ERCST Rue Archimède 61, Bruxelles, Rue Archimède 61, Bruxelles, 1000, Belgium
This was an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This meeting was by invitation only.
The Future of the Emission Trading in the EU is a project that ERCST is putting into place as an independent review with the participation in this important debate of EU institutions and EU stakeholders. In the framework of this sub-workstream, ERCST has been organising thematic events along the year focused on key issues for the Emission Trading in the EU. This is the second of seven reports ERCST will produce in the framework of the Future of the Emission Trading in the EU project.
This meeting is intended as a brainstorming meeting for a small group of invited stakeholders and policy makers, in the framework of ERCST’s ‘the Emission Trading in the EU ’ project. The second theme to be addressed by the project concerns Role of Emissions Trading in EU climate policy, with a homonymous Report to be released in December 2024.
Final Agenda

Stakeholders Consultation - 'Implementation of Transition Plans for climate change mitigation'
2024-11-05 15:30 - 17:30 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This is an in person event. “Important! Online participation is only allowed for attendees located outside Belgium”.
Register in-person Register online
The Corporate Sustainability Reporting Directive (CSRD) and its delegated regulation – the European Sustainability Reporting Standards (ESRS) – require companies to disclose their transition plans for climate change mitigation, if they have one, and explain how these are aligned with the 1.5°C goal of the Paris Agreement. The Corporate Sustainability Due Diligence Directive (CS3D) mandates companies to adopt and implement a transition plan for climate change mitigation, aiming to ensure, through best efforts, that the company’s business model and strategy are compatible with the transition to a sustainable economy and the goal of limiting global warming to 1.5°C.
According to the application requirements (ESRS E1), current approaches suggest that companies should benchmark their efforts against the 1.5°C target. This benchmark should be based on a sectoral decarbonisation pathway, if available for the company’s sector, or on an economy-wide scenario, acknowledging its limitations. However, without clear methodologies or sector-specific pathways established by public policies, companies, especially those operating across multiple sectors, face significant challenges.
In this context, and among the numerous guidelines issued by private initiatives, EFRAG is developing Implementation Guidance on Transition Plans under the CSRD, which is expected to address some of these ambiguities. This guidance is scheduled for publication by Q2 2025.
This meeting is intended as a consultation with stakeholders and experts to further clarify the issues identified during the focus group discussion on the implementation of transition plans for climate change mitigation.
Final Agenda
Slides

ERCST at COP29 – All Events
2024-11-11 10:00 - 2024-11-22 16:00 (Asia/Baku)
Below is the list of side events that ERCST organised, and participated in, during the COP29 that was held in Baku from 11 November to 22 November 2024.
Draft Agenda
1. Carbon Removals in international Carbon Markets
November 13, 2024 – 18:00-19:00, Baku time (15:00 Brussels time) | IETA Pavilion, COP 29 venue, Blue Zone
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This is joint side event between ERCST and KAPSARC, with the participation of the Worlds Bank, EBRD and the Government of Norway, and will an opportunity to discuss the international carbon market dimensions of carbon removals. Some of the issues that will be covered:
• Paris Agreement Mechanisms: Role of carbon removals within the Paris Agreement, particularly under Article 6.2 and Article 6.4.
• Integration into Emissions Trading Systems: Explore conditions for the integration of carbon removal form the international markets in ETS around the world.
• Bilateral Agreements: Evaluation of bilateral agreements focusing on legal frameworks, mutual recognition of credits, storage agreements.
Speakers:

Axel Pierru, KAPSARC
Andrei Marcu, ERCST
Chandra Sinha, World Bank
Jan-Willem van de Ven, EBRD
Ane Gjengedal, Norway Ministry of Petroleum and Energy

2. The Role of Climate Clubs in Addressing Trade Related Climate Measures
November 14, 2024 – 14:00-15:00, Baku time (11:00 Brussels time) | Trade and Investment House, Blue Zone
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Trade-related climate measures play an increasing role in the climate policy field, and will continue to do so as we move towards net-zero. In recent years there has been an increase in resort to unilateral measures, such as the EU and UK’s Carbon Border Adjustment Mechanisms (CBAMs). However, this approach threatens to become a jigsaw puzzle of complicated administrative systems that could greatly restrict international trade. This session will focus on how climate clubs, coalitions of countries with aligned climate goals, can provide a multilateral or international approach to coordinating trade-related climate measures and seeking inter-operability. Discussions will cover topics such as the potential benefits and challenges of climate clubs and how they could function in practice, as well as a survey of existing efforts in this space. The expected outcomes include identifying new models for international cooperation on climate and trade and exploring climate clubs as an option for better coordinating national-level trade-related climate measures.
Speakers:

Andrei Marcu, ERCST (Moderator)
Michael Mehling, ERCST and Center for Energy and Environmental Policy Research (CEEPR), MIT
Lutz Morgenstern, Federal Ministry for Economic Affairs and Climate Action (BMWK)
Angelica Romero, Government of Chile
Vitor Vaz, Government of Brazil

3. Climate Actions and Impact Assessment: A Unified Approach to Sustainable Development Goals
November 16, 2024 – 17:00-18:30, Baku time (14:00 Brussels time) | Room BUTA, UNFCCC Pavilion, COP 29 venue, Blue Zone
This event would promote impact assessment as a means to, not only achieve climate target, but also achieve broader sustainable development goals, and to inform participants of upcoming KCI case study with ERCST that might also be useful in the context of SDGs.
The issue of quantifying the impacts of the implementation of response measures has been well studied. But there has been relatively little analytical attention paid to dynamic analysis that takes into account the adaptive response of the impacted countries.
ERCST will present the methodology of a new study focused on quantifying the impacts of the implementation of response measures under different scenarios. The study focuses on the impacts and incentives for India when faced with destination-based carbon pricing.
Using Computable General Equilibrium (CGE) modelling, the study will analyze the economic and social impacts for Indian and examine the potential benefits of timely decarbonization by looking at a number of different scenarios. Following the presentation of the study and the methodology, a panel discussion will take place featuring representatives from the Indian government and Indian industry to discuss the study.
Speakers:

Andrei Marcu, ERCST
Dorothee Flaig, University of Hohenheim
Aaron Cosbey, ERCST and International Institute for Sustainable Development

4. The Declaration on the Use of CBAM Revenues
November 20, 2024 – 18:00-19:00, Baku time (15:00 Brussels time) | Ukraine Pavilion, COP 29 venue, Blue Zone
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Once the CBAM progresses from the current transitional to the definitive period starting in 2026, after which its implementation will incur a financial obligation on importers, it will also begin yielding revenue that is proportional to the prevailing carbon price under the EU ETS as well as the carbon intensity and volume of imported goods covered by the CBAM. Not only will the revenue collected under the CBAM increase as the mechanism is gradually phased in over the course of nearly a decade, but the simultaneous phasing out of free allocation will also increase the revenue generated from allowance auctioning under the EU ETS.
The goal of this side event is to elaborate on possible options for EU CBAM revenue use. The discussions will be based on The Declaration on the Use of CBAM Revenues. During this side event participants will be invited to discuss the following details of EU CBAM revenue use:
• How the EU should use the revenues generated from the sale of CBAM certificates?
• To whom the potential recycled revenues could be distributed and how the recycling should function?
Speakers:

Andrei Marcu, ERCST
Michael Mehling, ERCST/MIT
Aaron Cosbey, ERCST/IISD (Virtual participation)
Kateryna Holzer, UEF
Mahendra Shunmoogam, South Africa
Simone Borghesi, European University Institute
Clara Brandi, IDOS (Virtual participation)
Johanna Lehne, E3G (Virtual participation)

Launch event - Low-Carbon Hydrogen: key elements for a common sense approach
2024-12-04 14:00 - 16:00 (Europe/Paris)
This was a hybrid event.
This ERCST initiative aimed to analyse and suggest key elements for a more inclusive low-carbon hydrogen regulation including an effective and comprehensive definition of low-carbon hydrogen that will support the development of the EU hydrogen market and will boost hydrogen demand.
Paper
Recording
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Agenda

Launch Event - Evaluation of the Corporate Sustainability Due Diligence Directive
2024-12-09 14:00 - 16:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This was a hybrid event.
Considering the momentum of the recently published EU Corporate Sustainability Due Diligence Directive (CS3D) – and its entry into force on July 25, 2024 –, ERCST proposes evaluating the final text of the CS3D, building on its previous work – i.e., “The EU Corporate Sustainability Due Diligence Directive and its Extraterritorial Effect: Promise and Pitfalls”.
This analysis considers not only earlier elements from the legislative process, namely the two previous negative opinions from the European Commission’s Regulatory Scrutiny Board and the Commission Staff Working Document, as well as the Commission’s initial proposal. Focus is given to the directive’s key provisions and elements, as well as unresolved issues, such as inconsistencies with other directives (like CSRD), company concerns about due diligence, extraterritoriality, liability risks, administrative burdens and impacts on non-EU businesses.
At this event, ERCST launched and presented a report, followed by a discussion on the evaluation of CS3D.
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International townhall: CBAM implementation - One year later
2024-12-10 15:30 - 17:30 (Europe/Paris) | online
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Marking the one-year anniversary of the CBAM’s transitional period, this event will take stock of the challenges encountered during the first year of the CBAM. The discussion will focus on obstacles faced by importers, exporters, and other stakeholders involved in the CBAM. How large are the difficulties in obtaining accurate data and engaging with suppliers? Has the CBAM already resulted in any shifts in behavior—such as sourcing materials locally or changing trade patterns to adapt to the challenges they face because of the CBAM?
These insights will lead to a conversation about how policymakers, governments and authorities should best prepare for the definitive period and address the unresolved challenges before the CBAM is fully implemented. While challenges will likely continue to emerge during the definitive period, a key question remains: how do we measure the success of the CBAM so far?
This session, convened by ERCST on the basis of its extensive work on the EU CBAM, brings together policymakers and stakeholders from government, industry and other services to discuss the challenges in CBAM implementation and how to address them moving forward into the definitive period.
Agenda

Stakeholder consultation – CO₂ Storage Beyond the EU: Regulatory Barriers and Business Opportunities
2024-12-11 15:00 - 16:30 (Europe/Paris) | online
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As the European Union intensifies its commitment to achieve climate neutrality by 2050, exploring innovative solutions to reduce greenhouse gas emissions becomes increasingly vital. Carbon Capture and Storage (CCS) and Carbon Dioxide Removal (CDR) technologies are indispensable components of this mission. While significant advancements have been made within the EU and EEA to develop CO₂ storage solutions, technical limitations and capacity constraints necessitate the exploration of storage options beyond EU borders.
This event aims to highlight the regulatory barriers and business opportunities associated with storing EU-generated CO₂ outside the EU. Discussions will focus on understanding existing EU and international regulations impacting cross-border CO₂ storage, such as the limitations of the Carbon Capture and Storage Directive and the restrictions under the London Protocol and Helsinki Convention. The session will examine policy gaps in EU legislation affecting international CO₂ storage projects and explore potential pathways to overcome these barriers, such as advocating for the ratification of the 2009 amendment to the London Protocol and updating the CCS Directive to explicitly address cross-border CO₂ storage.
A critical aspect of this discussion will be the challenges of making a robust business case for CO₂ storage beyond the EU, particularly concerning the value attribution of CO₂ reductions achieved through storage outside EU jurisdictions. The complexities of accounting for and crediting CO₂ sequestration in non-EU territories pose significant hurdles. These include regulatory uncertainties, potential conflicts with the EU ETS accounting mechanisms, and difficulties in ensuring compliance with EU regulatory criteria. Addressing these challenges is essential for companies to unlock the economic potential of international CO₂ storage and to contribute effectively to the EU’s climate objectives.
Slides
Agenda

Future of Emissions Trading System in the EU: Role of Emissions Trading in EU Climate Policy - Launch Event
2024-12-12 11:00 - 13:00 (Europe/Paris) | ERCST, Rue Archimède 61, Bruxelles, 1000, Belgium
This was the launch event of the ERCST report on the ‘Role of Emissions Trading in EU Climate Policy’, under the framework of the ‘Future of the Emissions Trading in the EU’ project.
The “Future of Emissions Trading System in the EU” is a process that ERCST is putting in place to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the Emissions Trading System in the EU during the second Phase of phase IV (2025-2030) and post-Phase IV.
Event materials:

Agenda
Report
Recording
Slides

Stakeholder Roundtable: 2025 State of the EU ETS Report
2024-12-17 10:00 - 12:00 (Europe/Paris) | ERCST Rue Archimède 61, Bruxelles, Rue Archimède 61, Bruxelles, 1000, Belgium
This was an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This meeting was by invitation only.
This meeting was intended as a stakeholder/expert workshop with a small group of invited stakeholders and policy makers, which brainstormed on the outline and content of the 2025 State of the EU ETS Report[1]. This will be the tenth annual report on the State of the EU ETS and builds on the reports produced by this group of authors, and other partners, in the last years. The 2024 edition is available through this link.
The State of the EU ETS Report is intended as a “snapshot”, providing policymakers and stakeholders with an overview of how the EU ETS is doing by April of each year, based on previous year data. For each topic, the authors presented the expected draft outline and content, which allowed for an in-depth discussion with the participants, and to address any gaps, or make any corrections needed.
[1] The 2025 State of the EU ETS Report is a joint effort between ERCST, Compass Lexecon, BloombergNEF, and the Wegener Centre for climate and global change at the University of Graz.
Agenda

Focus Group: Green Claims Directive (GCD) trilogues - How does the GCD connect with (Voluntary) Carbon Markets?
2025-01-21 10:00 - 11:30 (Europe/Paris) | online
This is an online event.
By invitation only. If you are interested in attending, please contact aruiz@ercst.org.
On March 23, 2023, the Commission submitted to the European Parliament and the Council, a proposal for a directive on substantiation and communication of explicit environmental claims (i.e., “Green Claims Directive” or “GCD”). The GCD establishes minimum requirements for the substantiation and communication of explicit voluntary environmental claims in business-to-consumer commercial practices. Within these, climate-related claims based on carbon credits – normally issued in voluntary carbon markets (VCMs) – are explicitly included.
The European Parliament adopted its position, with further changes and several restrictions to climate-related claims, on March 12, 2024, in plenary. On June 17, 2024, the Council adopted its position (‘general approach’) – which will form the basis for negotiations between the co-legislators in the new legislative cycle. Trilogues, which were supposed to begin in Autum 2024, are expected to begin in 2025 Q1 – during the Polish Presidency.
This focus group meeting aims to look at the GCD proposal and allow a brainstorming session on: (i) how it connects with VCMs and the implications for these markets; (ii) how the discussion is important for voluntary corporate action.
Draft Agenda

Paper Launch - Unlocking CO₂ Storage Opportunities Outside the EU – Policy Challenges and Business Prospects
2025-01-28 15:00 - 16:30 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
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Register Online

This is an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
As the European Union intensifies its efforts to achieve climate neutrality by 2050, the pursuit of innovative solutions to reduce greenhouse gas emissions becomes ever more crucial. Carbon Capture and Storage (CCS) and Carbon Dioxide Removal (CDR) technologies are vital components of this strategy. Despite significant advancements within the EU and EEA in developing CO₂ storage capabilities, technical limitations and capacity constraints make it imperative to consider storage options beyond EU borders.
This event marks the official launch of a comprehensive paper that explores the regulatory challenges and business potential of storing EU-generated CO₂ in non-EU countries. The paper delves into existing EU and international regulations affecting cross-border CO₂ storage, highlighting the limitations of the Carbon Capture and Storage Directive and the constraints imposed by the London Protocol and the Helsinki Convention. The discussion will identify policy gaps within EU legislation impacting international CO₂ storage projects and propose potential solutions to overcome these hurdles. This includes advocating for the ratification of the 2009 amendment to the London Protocol and suggesting updates to the CCS Directive to explicitly address cross-border CO₂ storage.
A critical segment of the event will focus on the challenges of establishing a robust business case for CO₂ storage outside the EU. This encompasses the complexities of attributing value to CO₂ reductions achieved through storage in non-EU jurisdictions. The intricacies of accounting for and crediting CO₂ sequestration abroad present significant obstacles, such as regulatory uncertainties, potential conflicts with the EU Emissions Trading System (ETS) accounting mechanisms, and ensuring alignment with EU regulatory standards. Addressing these challenges is essential for companies to unlock the economic potential of international CO₂ storage and to effectively contribute to the EU’s climate goals.
Agenda

Second Stakeholders and Member States Consultation – Implementation and transposition of hydrogen regulations in the EU Member States
2025-01-30 15:00 - 17:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This is an online event.
This meeting was by invitation only.

The goal of the initiative is to assess how EU Member States are implementing and transposing EU regulations and directives into their national framework. A few Member States have been selected as case study. Their implementation approaches will be analysed, as well as the main challenges they are facing.
Agenda Slides

Stakeholder Roundtable – Future of Emissions Trading in the EU: Price Signal and Competitiveness
2025-02-06 10:00 - 12:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This is an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This meeting is by invitation only. If you are interested in attending, please contact pnouallet@ercst.org.
This meeting is intended as a brainstorming meeting for a small group of invited stakeholders and policy makers, in the framework of ERCST’s ‘Future of the Emissions Trading in the EU’ project. The third theme to be addressed by the project concerns Price Signal and Competitiveness, with the Report to be released in March 2025.
The “Future of Emissions Trading System in the EU” is a process that ERCST is putting in place to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the Emissions Trading System in the EU with the participation in this important debate of EU institutions and EU stakeholders. In the framework of this sub-workstream, ERCST has been organising thematic events along the year focused on key issues for the Emission Trading in the EU. This is the third of seven reports ERCST will produce in the framework of the Future of the Emission Trading in the EU project.
Draft Agenda

Launch Event - Omnibus Regulation: on CSRD and CSDDD
2025-02-07 10:00 - 12:00 (Europe/Paris)
This was an online event.
As the European Commission prepares to unveil the “Omnibus Regulation” proposal on February 26, 2025, with President Ursula von der Leyen now directly overseeing the file, pressure is mounting from all sides – both within and beyond the EU, and from companies as well as governments.
In this context, and amid the uncertainty arising from current geopolitical circumstances and concerns about the EU’s economic competitiveness – which may raise doubts about the resilience of its industrial base – ERCST launched a paper addressing key issues to be considered in the Omnibus package, particularly in relation to the CSRD and CSDDD, along with a set of recommendations.
At the event, ERCST presented the paper, followed by a panel discussion.
Paper
YouTube
Slides
Agenda

Focus Group - Bioenergy with Carbon Capture and Storage: Balancing Land Use and CDR Potential
2025-02-13 15:00 - 16:30 (Europe/Paris)
This is an online event.
This meeting is by invitation only. If you are interested in attending, please contact mvarricchio@ercst.org
Achieving negative emissions is crucial for the European Union to meet its climate neutrality targets by 2050, and Bioenergy with Carbon Capture and Storage (BECCS) plays a vital role in this effort. However, deploying BECCS must be carefully managed to harmonize with sustainable land use, ensuring minimal impacts on food security, biodiversity, and competition for land resources.
This event will delve into sustainable biomass sourcing methods, including the establishment of certification schemes for sustainable biomass. These schemes aim to ensure that biomass feedstocks are produced responsibly, promoting environmental stewardship and social responsibility throughout the supply chain. The recent EU policy developments supporting sustainable biomass supply chains will also be reviewed, providing insights into regulatory frameworks and incentives that facilitate sustainable sourcing and utilization of biomass.
Furthermore, the event will address grid integration challenges associated with BECCS technologies and explore potential solutions to effectively incorporate BECCS into the existing energy infrastructure. Topics will include technological innovations, infrastructure upgrades, and strategies to balance supply and demand.
We will evaluate the economic viability and market opportunities for BECCS technologies, examining cost factors, funding mechanisms, and potential revenue streams. This includes assessing market readiness, investment opportunities, and financial models that can support large-scale deployment of BECCS.
By convening industry experts, policymakers, and stakeholders, we aim to address the challenges and opportunities associated with BECCS deployment within the EU context. Join us to engage in meaningful dialogue, share knowledge, and collaborate on advancing negative emissions technologies to contribute to the EU’s 2050 climate neutrality goals.
Agenda

Expert consultation: Solutions for exports of EU CBAM-covered goods
2025-02-17 15:00 - 16:30 (Europe/Paris) | online
This is an online event.
This meeting is by invitation only. If you are interested in attending, please contact lfleury@ercst.org.
Altogether, 2025 will be an important year for the CBAM, with decisions on principal design parameters through several reviews and implementing and delegated acts scheduled throughout the year.
ERCST’s ‘Border Carbon Adjustments in the EU – Phase VI’ workstream will start off 2025 by revisiting the topic of exports.
Building on ERCST’s work in Phase III on a WTO-aligned export solution, and in Phase V on the broader implications of the CBAM for export-oriented sectors, this first planned paper will seek to propose an updated policy mechanism to mitigate the competitiveness impacts on exporters.
At this expert consultation the ERCST will invite a small group of people, including covered sectors and other stakeholders, to discuss possible solutions for addressing the carbon leakage risk associated with EU-produced goods subject to the CBAM that are destined for export to third countries.
Agenda

Public Debate - A Debate on Flexibility in the EU's Transportation Decarbonization Policies
2025-03-04 15:00 - 16:30 (Europe/Paris)
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Register Online
This is an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
While electrification is a pivotal component of the European Union’s decarbonization strategy, it is not a one-size-fits-all solution. Hard-to-electrify sectors—such as aviation, maritime shipping, and certain industrial processes—require complementary approaches to achieve full decarbonization. This debate aims to critically assess the limitations of an electrification-only approach, explore the complementary role of sustainable fuels, and promote a balanced policy framework that supports a diversified energy mix.
The debate will delve into the diverse applications of biofuels, synthetic fuels, and hydrogen across different sectors, examining their potential to bridge the decarbonization gap where electrification faces technical or economic barriers. Special attention will be given to developing sector-specific solutions, particularly for aviation, maritime shipping, and heavy industry, where unique operational requirements demand tailored approaches to emissions reduction.
The discussion will also address the importance of implementing technology-neutral policies and incentives to promote sustainable fuels, ensuring market competition and accelerating innovation across all viable decarbonization pathways.
Agenda
Recording

Stakeholder Consultation – 2025 State of the EU ETS Report
2025-03-05 10:00 - 12:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This is an in-person event. “Important! Online participation was only allowed for attendees located outside Brussels”
This meeting was by invitation only.
This meeting was intended as a brainstorming meeting with a small group of invited stakeholders and policy makers, which will brainstorm on the draft presentation and content of the 2025 State of the EU ETS Report[1]. It follows the stakeholder session ERCST hosted on December 17. This will be the tenth annual report on the State of the EU ETS and builds on the reports produced by this group of authors, and other partners, in the last years. The 2024 edition is available through this link.
The Report is intended as a “snapshot”, providing policymakers and stakeholders with an overview of how the EU ETS is doing by April of each year, based on previous year data. For each topic, the authors will present the expected draft presentation and content, which will allow for an in-depth discussion with the participants, and to address any gaps, or make any corrections needed.
[1] The 2025 State of the EU ETS Report is a joint effort between ERCST, Compass Lexecon, BloombergNEF, and the Wegener Centre for climate and global change at the University of Graz.
Agenda

Stakeholders Consultation: Green Claims Directive (GCD) trilogues - How does the GCD connect to Voluntary Carbon Markets (VCMs)?
2025-03-06 10:00 - 12:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This was an in person event.
On March 23, 2023, the Commission submitted to the European Parliament and the Council, a proposal for a directive on substantiation and communication of explicit environmental claims (i.e., “Green Claims Directive” or “GCD”). The GCD establishes minimum requirements for the substantiation and communication of explicit voluntary environmental claims in business-to-consumer commercial practices. Within these, climate-related claims based on carbon credits – normally issued in VCMs – are explicitly included.
The European Parliament adopted its position, with further changes and several restrictions to climate-related claims, on March 12, 2024, in plenary. On June 17, 2024, the Council adopted its position (‘general approach’) – which will form the basis for negotiations between the co-legislators in the new legislative cycle. Trilogues, which were supposed to begin in Autum 2024, are expected to begin in 2025 Q1 – during the Polish Presidency.
This stakeholders meeting aimed to look at the GCD proposal and allow a brainstorming session on: (i) how it connects with VCMs; (ii) how the discussion is important, in the end, for voluntary corporate action; (iii) what are the potential implications for VCMs; and (iv) what to expect from the trilogues on this matter.

Draft Agenda
ERCST Slides
Carbon Gap Slides

Launch Event - Implementation and transposition of hydrogen regulations in the EU Member States
2025-03-11 15:00 - 17:00 (Europe/Paris)
This was an in person event.
This was the launch event of ERCST Paper ‘Implementation and transposition of hydrogen regulations in the EU Member States’.
The goal of this initiative is to assess how EU Member States are implementing and transposing EU regulations and directives into their national framework. A few Member States have been selected as case study. The Paper aims to identify:

How the Member States implementing and transposing EU hydrogen regulations (eg. RED III, Hydrogen and Decarbonised Gas Market package, RED II, FuelEU maritime, RefuelEU aviation, REPowerEU, Net Zero Industry Act) and which are the best practices that emerged.
Which tools (e.g., subsidies, State Aid, tax incentives but also policies) are being used in EU Member states to promote the adoption of hydrogen technologies and how are these instruments tailored to meet the unique needs and conditions the various countries.
Whether the Member States have/plan to develop programs or bilateral mechanisms to interact with the other Member States.

Paper
Recording
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Agenda

Focus Group - Circular Carbon Economy: CO₂ as a Valuable Resource
2025-03-12 15:00 - 16:30 (Europe/Paris)
This is an online event.
This meeting is by invitation only. If you are interested in attending, please contact mvarricchio@ercst.org.
As the European Union strives to achieve climate neutrality by 2050, utilizing CO₂ as a resource within a Circular Carbon Economy (CCE) has emerged as a critical strategy. Recent EU policy developments, notably the European Commission’s Industrial Carbon Management Strategy, underscore the importance of CO₂ utilization technologies. These technologies not only play a vital role in reducing emissions but also open up new economic opportunities by transforming CO₂ into valuable products.
This focus groups aims to examine the EU regulatory framework in CO₂ utilization, and identify business opportunities that align with EU climate objectives. The discussion will address the economic viability of CO₂-derived products and examine the crucial role of public-private partnerships in scaling up CO₂ utilization projects. This event will evaluate the impact of the European Commission’s Industrial Carbon Management Strategy and explore the challenges and opportunities in aligning CO₂ utilization with the EU Green Deal objectives. By bringing together industry experts, policymakers, and technical specialists, the event seeks to share insights and foster collaboration on strategies to accelerate the deployment of CO₂ utilization technologies.
Agenda

Launch Event: Solutions for exports of EU CBAM-covered goods
2025-03-25 15:00 - 17:00 (Europe/Paris) | online
This was an online event.
The CBAM’s transitional period is underway, however several issues remain unresolved ahead of the definitive period and numerous delegated and implementing legislations, along with reviews are due before the end of the transitional period. Altogether, 2025 will be an important year for the CBAM, with decisions on principal design parameters through several reviews and implementing and delegated acts scheduled throughout the year.
ERCST’s ‘Border Carbon Adjustments in the EU – Phase VI’ workstream will start off 2025 by revisiting the topic of exports.
At this event the ERCST launched and presented a paper that identifies solutions for addressing the carbon leakage risk associated with EU-produced goods subject to the CBAM that are destined for export to third countries. Building on ERCST’s work in Phase III on a WTO-aligned export solution, and in Phase V on the broader implications of the CBAM for export-oriented sectors, the paper proposes an updated policy mechanism to mitigate the competitiveness impacts on exporters.
The launch of the paper was followed by interventions by a set of panellists, as well as meeting participants.
Paper
Recording
Slides
Agenda

Launch Event - Future of Emissions Trading in the EU: Price Signal and Competitiveness (Public Event)
2025-03-27 10:00 - 12:00 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This was an in-person event.
This was the launch event of the ERCST report on the ‘Price signal & competitiveness’, under the framework of the ‘Future of the Emissions Trading in the EU’ project.
The “Future of Emissions Trading System in the EU” is a process that ERCST is putting in place to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the Emissions Trading System in the EU with the participation in this important debate of EU institutions and EU stakeholders. In the framework of this sub-workstream, ERCST has been organising thematic events along the year focused on key issues for the Emission Trading in the EU. This is the third of seven reports ERCST will produce in the framework of the Future of the Emission Trading in the EU project.
Paper
Recording
Draft Agenda

Expert consultation: Extension of the CBAM scope
2025-04-08 15:00 - 17:00 (Europe/Paris) | online
This was an online event.
While the CBAM’s transitional period is underway, several issues remain unresolved ahead of the definitive period, and numerous delegated and implementing legislations, as well as reviews, are due before the end of the transitional period.
Altogether, 2025 is a pivotal year for the CBAM, with key decisions on its main design parameters expected through multiple reviews, as well as implementing and delegated acts scheduled throughout the year.
In the second report under the ‘Border Carbon Adjustments in the EU – Phase VI’ workstream, ERCST will explore the extension of the CBAM scope to downstream products and additional sectors, in anticipation of the formal review by the European Commission planned for 2025.
At this expert consultation, the ERCST will invite a small group of key stakeholders to discuss the implications of expanding the CBAM scope and explore the key KPIs that should be evaluated when considering its extension to specific downstream products and additional sectors.
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Stakeholder Consultation - Advancing BECCS in the EU: a Policy Perspective
2025-04-10 15:00 - 16:30 (Europe/Paris)
Register Online
This is an online event.

The European Union’s commitment to achieving climate neutrality by 2050 necessitates the deployment of negative emissions technologies, with Bioenergy with Carbon Capture and Storage (BECCS) being a pivotal component. BECCS offers the unique advantage of generating renewable energy while simultaneously removing carbon dioxide from the atmosphere. However, its large-scale implementation requires careful policy planning to ensure that it aligns with sustainable land use practices and does not adversely affect food security or compete excessively for land resources.
This event is dedicated to exploring how policy can advance BECCS deployment within the EU in a manner that harmonizes land use with carbon dioxide removal objectives. We will delve into the legislative measures and regulatory frameworks needed to facilitate sustainable BECCS integration into the EU’s climate and energy policies. The discussions will address the complexities of aligning land use policies with BECCS goals, considering the multifaceted challenges of land availability, and biomass sourcing.
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Stakeholder Consultation - Leveraging CO₂ in the Circular Carbon Economy
2025-05-08 15:00 - 16:30 (Europe/Paris)
This is an online event.
You are welcome to register through the link below. Registered participants will receive an automatic confirmation email after registration.
Register Online
The transition to a climate-neutral economy requires innovative policy approaches to carbon management. As the European Commission advances its Industrial Carbon Management Strategy, there is a pressing need to examine the policy frameworks and implementation mechanisms that will enable widespread CO₂ utilization in the EU. This stakeholder consultation will analyze the critical policy instruments and regulatory frameworks needed to create a thriving market for CO₂-derived products.
The discussion will address key policy enablers and barriers for CO₂ utilization deployment, explore and examine the role of crediting certification schemes. By bringing together policymakers, industry stakeholders, and experts, the event aims to identify concrete policy recommendations to accelerate the development of a robust Circular Carbon Economy in alignment with EU climate objectives.
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Stakeholder Roundtable – Future of Emissions Trading in the EU: Carbon Dioxide Removals (CDRs)
2025-05-12 10:30 - 12:30 (Europe/Paris) | ERCST Rue Archimède 61, 1000 Bruxelles
This is an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This meeting is by invitation only. If you are interested in attending, please contact pnouallet@ercst.org.
This meeting is intended as a brainstorming meeting for a small group of invited stakeholders and policy makers, in the framework of ERCST’s ‘Future of the Emissions Trading in the EU’ project.
The “Future of Emissions Trading System in the EU” is a process that ERCST is putting in place to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the Emissions Trading System in the EU with the participation in this important debate of EU institutions and EU stakeholders. In the framework of this sub-workstream, ERCST has been organising thematic events along the year focused on key issues for the Emission Trading in the EU. This is the fourth of seven reports ERCST will produce in the framework of the Future of the Emission Trading in the EU project.

This stakeholder session will feed the final Report on “Carbon Dioxide Removals (CDRs)”, to be launched in June.
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2025 State of the EU ETS Report - Launch Event (Public Event)
2025-05-21 15:00 - 17:00 (Europe/Paris) | University Foundation, Rue d’Egmont, 11, Brussels, 1000, Belgium
This was an in-person event.
This is the launch event of the 2025 State of the EU ETS Report[1]. During this event the report will be presented by the authors and discussed by commentators. This will be the tenth annual report on the State of the EU ETS and builds on the reports produced by this group of authors, and other partners, in the last years. The 2024 edition is available through this link.
The annual “State of the EU ETS” Report aims to provide such an independent contribution to the policy debate, which is needed to ensure that the EU ETS is “fit for purpose”. The Report is intended as a “snapshot”, providing policymakers and stakeholders with an overview of how the EU ETS is doing by April of each year, based on previous year data. This event will cover the 2025 Report. This year’s edition reflects the track record of the ETS last year, its recent developments, and the role the ETS is expected to play in the longer term.
[1] The 2025 State of the EU ETS Report is a joint effort between ERCST, Compass Lexecon, BloombergNEF, and the Wegener Centre for climate and global change at the University of Graz.
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Bioenergy with Carbon Capture and Storage in the EU: Challenges and Opportunities
2025-06-03 15:00 - 16:30 (Europe/Paris)
This was an online event.
The report examines Bioenergy with Carbon Capture and Storage (BECCS) in the European Union context, focusing on its potential role in meeting climate targets and the associated challenges and opportunities for implementation.
The scope of this report encompasses:

Policy landscape analysis within the EU framework, particularly the Carbon Removals Certification Framework (CRCF), Renewable Energy Directive (RED), and potential integration with the EU Emissions Trading System (EU ETS).
Challenges in the deployment in the EU:

Technical and infrastructure limitations
Regulatory and financial barriers

The report aims to:

Evaluate the role of BECCS in reaching the EU’s climate targets, particularly in light of the European Commission’s 2040 climate target recommendation and IPCC projections
Identify key barriers to BECCS deployment at scale within the European context.

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Launch Event: Extension of the CBAM Scope
2025-06-12 15:00 - 17:00 (Europe/Paris) | online
This is an online event.
As the EU navigates the CBAM transitional period, 2025 stands out as a critical year for shaping its future. With crucial reviews underway and key implementing decisions pending before the definitive period begins, the landscape is actively evolving. A central question in current discussions is the potential expansion of the CBAM scope.
This second report under ERCST’s ‘Border Carbon Adjustments in the EU – Phase VI’ workstream will explore the extension of the CBAM scope to additional sectors and downstream products.
At this event, the ERCST will launch and present a paper that analyzes the potential for expanding the CBAM scope to additional sectors and downstream products, in anticipation of the formal review by the European Commission planned for this year.
Based on active stakeholder engagement, it will assess the implications of expanding (or not expanding) the CBAM scope, and offer recommendations on the factors to evaluate when deciding to bring new sectors and/or products under the scope.
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