ERCST

ERCST Brainstorming Session - European Climate Law Amendment & 2040 Target
2025-08-26 09:30 - 11:00 (Europe/Paris) | online
This is a by-invitation only ONLINE event. If you are interested in joining please contact ccavallera@ercst.org
This meeting is intended as a discussion on the recently launched public consultation by the European Commission on the amendment of European Climate Law to include the 2040 climate target, open for feedback from 21 July 2025 to 15 September 2025.
ERCST is considering submitting feedback to this consultation. We recognize its importance and would like to discuss with you and hear a diverse set of views to ensure that our contribution is well grounded.
Agenda

Stakeholder Roundtable – Future of Emissions Trading in the EU: Agriculture ETS
2025-09-03 10:00 - 12:00 | Curalia, Rue des Deux Églises 33, 1000 Bruxelles, Rue des Deux Églises 33, Bruxelles, 1000, Belgium
!!! VENUE CHANGE !!! – Event will now be held at Curalia, Rue des Deux Églises 33, 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 ncaruana@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 fifth theme to be addressed by the project concerns ‘Agriculture ETS’, with the Report to be released in October 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 last 2 years focused on key issues for the Emission Trading in the EU. This is the fifth of seven reports ERCST will produce in the framework of the Future of the Emission Trading in the EU project.
Draft Agenda

Focus Group - Bridging the CDR funding gap: design options and policy choices
2025-09-09 15:00 - 16:30
This is an online event.
By invitation only. If you are interested in attending, please contact mvarricchio@ercst.org
This Focus Group is designed to examine how the European Union can accelerate the deployment of permanent CDR solutions by designing effective funding mechanisms. The discussion will begin with an exploration of the current landscape of CDR financing in the EU, acknowledging that while CDR is increasingly recognized as a strategic tool for achieving climate neutrality by 2050, the existing funding frameworks remain fragmented and complex to navigate.
Key topics will include the potential of a public purchasing programme for permanent carbon removal credits, the design and application of Carbon Contracts for Difference (CCfDs), and the role of other mechanisms such as competitive tenders and voluntary markets. The event will encourage debate on the advantages, risks, and trade-offs of each approach, and seek input on policy choices that can ensure high-quality, verifiable removals while mobilizing both public and private investment.
The goal is to identify actionable pathways for the EU to lead in the development and scaling of robust CDR solutions as part of its climate neutrality strategy.

Agenda

Expert Consultation: EU CBAM Implementation Challenges
2025-09-10 15:00 - 17:00 | online
This meeting is by invitation only. If you are interested in attending, please contact lfleury@ercst.org.
As the EU navigates the CBAM transitional period, 2025 is a pivotal year for shaping its future. Crucial reviews are underway, and key implementing decisions are pending before the definitive period kicks off on January 1st, 2026.
In its third report under the ‘Border Carbon Adjustments in the EU – Phase VI’ workstream, the ERCST will explore the implementation challenges and, particularly, the circumvention risks of the CBAM.
At this expert consultation, the ERCST will bring together a small group of key stakeholders to discuss circumvention risks related to the CBAM, including resource shuffling, transshipment, artificial splitting, and strategic product modifications.
We’ll delve into how these loopholes could undermine the CBAM’s environmental integrity and economic impact, assess the effectiveness of the EU CBAM’s current design in mitigating these threats, and collectively identify solutions.
Draft agenda

Macro Economic Implications of the 2040 EU Climate Change Target
2025-09-15 16:30 - 18:00 | online
This was an online event.
On 2 July 2025, the European Commission published the EU’s 2040 climate target, proposing a 90% net reduction in greenhouse gas emissions from 1990 levels. While the target provides clarity on the EU’s climate trajectory towards 2050, it also carries significant macroeconomic implications. Delivering such a deep decarbonisation pathway will require major structural transformations across European economies, with wide-ranging consequences for competitiveness, fiscal sustainability, labour markets, and investment patterns. At the same time, it creates opportunities for innovation, technological leadership, and long-term growth.
This event focused on the macroeconomic implications of the 2040 target. Bringing together leading experts in economics and climate policy, the discussion explored the trade-offs, risks, and opportunities of the EU’s climate ambition, and assessed how policy can support both climate neutrality and economic resilience.
Draft Agenda Read our Feedback to the EC Watch the recording

Cracking the dilemma of international carbon credits in the EU 2040 target: can EU’s climate action turn geopolitical without losing domestic integrity?
2025-09-17 11:00 - 14:00 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
With COP30 just around the corner, and as the EU is debating its 2035 NDC and 2040 targets, EU faces a key strategic dilemma of whether international carbon credits should be included in its 2040 emissions reduction target and if so, under which quantitative and qualitative conditions, governance instruments and at which risks regarding its domestic EU ETS? Some fear that including international carbon credits will undermine EU’s climate leadership and the stability and credibility of the EU ETS and ultimately reduce the incentives for high quality carbon removals in the EU, others accuse the EU of reneging on its obligation to reduce domestically its carbon footprint. Yet, others see in this an opportunity for EU to leverage its geoeconomic influence, to push further the clean trade and investment partnerships and the climate diplomacy agenda, to strengthen the UNFCCC process at a time where the US is creating a leadership void and to transform article 6 into an incentive for investing in CDR technologies over the long term.
This joint Ifri & ERCST roundtable explored these positions and questions and seeked to guide the reflections on the way forward for the EU.

Draft agenda Read our feedback to the EC Recording

Low-Carbon Hydrogen Delegated Act: a turning point for the hydrogen market ramp-up? (Public Event)
2025-09-25 15:00 - 17:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This was an in-person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This event aimed to discuss the final version of the Delegated Act on low carbon fuels (for which low-carbon hydrogen is the key component) and assess whether it will drive meaningful change by facilitating the scale-up of the hydrogen market, boosting demand, and providing much-needed clarity on the methodology for calculating GHG emissions from low-carbon hydrogen.
Key questions that were addressed include:

Does the recently published Delegated Act provide sufficient clarity and certainty to support long-term investment decisions and accelerate the ramp-up of the hydrogen market?
Is the Delegated Act sufficiently technology neutral to foster innovation across a broad range of low-carbon hydrogen production pathways, beyond electrolysis?
What are the most significant implementation challenges that you foresee with the Delegated Act?

This event was under Chatham House Rule.
Draft Agenda Slides

Debate - Review of the EU CO2 Emission Performance Standards for New Cars and Vans
2025-09-30 09:30 - 11:00 | online
This is an online event.
By invitation only. If you are interested in attending, please contact mvarricchio@ercst.org
In April 2023, the European Union amended Regulation (EU) 2019/631, setting stricter CO2emission performance standards for new passenger cars and light commercial vehicles, targeting a 100% emission reduction by 2035. The European Commission is now reviewing these standards, as mandated by Article 15, to assess progress towards the 2035 targets, considering technological developments and the need for an economically viable transition to sustainable mobility.
ERCST intends to contribute to the ongoing public consultation. The purpose of this session is to discuss and analyze the proposed review of the CO2 emission performance standards. The meeting is structured as a workshop for a selected group of invited stakeholders and experts to explore potential implications and gather diverse perspectives.

Draft Agenda

Public Debate - Flexibility in the EU’s Road Transport Decarbonization Policy: Electrification and Sustainable Fuels
2025-10-07 15:00 - 17:00 | Curalia, Rue des Deux Églises 33, 1000 Bruxelles, Rue des Deux Églises 33, Bruxelles, 1000, Belgium
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This is a hybrid event. Important! Online participation is only allowed for attendees located outside Brussels.
This debate seeks to explore and critically examine the range of strategies available to reduce carbon emissions in the transport sector. While electrification is widely recognized by the EU as a cornerstone of its decarbonization efforts, relying exclusively on it may not be a universally applicable or sufficient solution for all segments of road transport. The discussion aims to delve into alternative and complementary approaches, such as the use of sustainable fuels—including e-fuels, biofuels, and hydrogen—and how these can be integrated into a balanced and effective policy framework.
Participants will engage in a thorough examination of the merits and limitations of an electrification-only strategy. The debate will consider technical, economic, and operational challenges faced by various transport modes, particularly those where electrification is more difficult to implement, such as long-haul freight, heavy-duty vehicles, and certain specialized transport services.
A key focus of the debate will be the importance of adopting technology-neutral policies. This approach encourages the creation of regulatory frameworks that do not favor one specific technology but instead support a competitive market environment where multiple decarbonization technologies can be viable. By promoting innovation across all viable technologies, the EU can accelerate progress toward its climate goals while avoiding unintended consequences such as market distortions or reduced industrial competitiveness.

Agenda

Launch Event - Future of Emissions Trading in the EU: Agriculture ETS (Public Event)
2025-10-14 10:00 - 12:00 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
This was an in person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This was the launch event of the Agriculture ETS Report, under the framework of the Future of the EU ETS project. The “Future of the EU ETS” was a process ERCST is putting in place to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the EU ETS during the second Phase of phase IV (2025-2030) and post-Phase IV.
Following the example of the recent extension of carbon pricing to road transport and buildings, emission trading in agriculture could provide the right incentives to decarbonise this sector.
This event covered the Agriculture ETS Report, this being the fifth report of the Future of the EU ETS project. The authors presented their findings, followed by a discussion with participants.
Agenda Report Slides Recording
Draft Agenda

Stakeholder Consultation - Bridging the CDR funding gap: design options and policy choices
2025-10-14 15:00 - 16:30
This is an online event.
By invitation only. If you are interested in attending, please contact mvarricchio@ercst.org
This Stakeholder Consultation is designed to examine how the European Union can accelerate the deployment of permanent CDR solutions by designing effective funding mechanisms. The discussion will begin with an exploration of the current landscape of CDR financing in the EU, acknowledging that while CDR is increasingly recognized as a strategic tool for achieving climate neutrality by 2050, the existing funding frameworks remain fragmented and complex to navigate.
Key topics will include the potential of a public purchasing programme for permanent carbon removal credits, the design and application of Carbon Contracts for Difference (CCfDs), and the role of other mechanisms such as competitive tenders and voluntary markets. The event will encourage debate on the advantages, risks, and trade-offs of each approach, and seek input on policy choices that can ensure high-quality, verifiable removals while mobilizing both public and private investment.
The goal is to identify actionable pathways for the EU to lead in the development and scaling of robust CDR solutions as part of its climate neutrality strategy.

Agenda
Daft Agenda

Stakeholder consultation: Towards a comprehensive hydrogen infrastructure - assessing progress and addressing gaps
2025-10-15 15:00 - 17:00 | online
This is a by-invitation only ONLINE event. If you are interested in joining please contact ccavallera@ercst.org
The development of a robust hydrogen infrastructure is a key enabler of the EU’s decarbonisation ambitions and the broader green transition.
ERCST aims to collect relevant feedback on this topic to support the drafting of a comprehensive policy paper.
Key topics to be discussed during this stakeholders consultation include:
•⁠ ⁠The current status of hydrogen infrastructure development, including pipelines and terminals;
•⁠ ⁠Key uncertainties and challenges, including permitting, cross-border coordination, and demand visibility;
•⁠ ⁠Mechanisms in place to support infrastructure rollout, such as financing instruments and policy tools;
•⁠ ⁠The upcoming European Grid Package (expected Q1 2026), which aims to accelerate the upgrade, digitalisation, and expansion of the European grid. While primarily focused on electricity, it will also address hydrogen and other infrastructure relevant to TEN-E corridors.
Draft Agenda

Stakeholder Roundtable - Future of the EU ETS: EU ETS - CBAM Strawman
2025-10-21 14:00 - 16:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
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 ncaruana@ercst.org.
This meeting is intended as a brainstorming session for a small group of invited stakeholders and policymakers, within the framework of ERCST’s initiative on the “future of emissions trading in the EU”. The final theme under discussion in this project is the “EU ETS – CBAM Strawman”, with the report to be released in December 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 last 2 years focused on key issues for the Emission Trading in the EU.
Draft Agenda

Launch Event: EU CBAM Circumvention Risks & Resource Shuffling
2025-10-22 15:00 - 17:00 | online
As the EU navigates the CBAM transitional period, 2025 is a pivotal year for shaping its future. Crucial reviews are underway, and key implementing decisions are pending before the definitive period kicks off on January 1st, 2026.
In its third report under the ‘Border Carbon Adjustments in the EU – Phase VI’ workstream, the ERCST will explore the implementation challenges and, particularly, the circumvention risks of the CBAM and resource shuffling.
At this event, the ERCST will present its paper assessing the different types of circumvention risk and how these loopholes could undermine the CBAM’s environmental integrity and economic impact. It will assess the effectiveness of the CBAM’s current design in mitigating these threats and make recommendations.

Agenda
Register here

ERCST & Veyt 2026 Review of the EU ETS and MSR: Whitepaper Launch Event (Public)
2025-10-29 09:30 - 11:30 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
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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.
Draft Agenda

International Townhall: EU CBAM Circumvention Risks & Resource Shuffling
2025-10-30 15:00 - 17:00 | online
As the EU navigates the CBAM transitional period, 2025 is a pivotal year for shaping its future. Crucial reviews are underway, and key implementing decisions are pending before the definitive period kicks off on January 1st, 2026.
In its third report under the ‘Border Carbon Adjustments in the EU – Phase VI’ workstream, the ERCST will explore the implementation challenges and, particularly, the circumvention risks of the CBAM and resource shuffling.
At this event, the ERCST will present its paper assessing the different types of circumvention risk and how these loopholes could undermine the CBAM’s environmental integrity and economic impact, and make recommendations. Additionally, this event will discuss cooperation opportunities to ensure fair, transparent, and effective implementation of CBAM.
Draft agenda
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Omnibus Simplification Package - Preparing for Trilogues
2025-11-05 15:00 - 17:00 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
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This is an in-person event. “Important! Online participation is only allowed for attendees located outside Brussels”.
VENUE CHANGE: ROOM 1, Conseil central de l’economie, avenue de la joyeuse entree 17
This event is under Chatham House rules.
On February 26, 2025, the EU Commission published the “Omnibus Simplification Package”, proposal introducing adjustments to the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD). The Omnibus aims to reduce regulatory burdens particularly for small and medium-sized enterprises (SMEs) and certain larger companies, while reinforcing the EU’s commitment to enhancing competitiveness and ensuring a more proportionate and practical implementation of sustainability obligations.
Ahead of the trilogues commencing after October 2025, the Council and the Parliament have finalised their negotiating positions.
The goal of this event is to discuss the Draft texts from the Council and the EU Parliament and assess whether the amendments proposed will lead to substantial changes in CSRD and CS3D. This discussion will lead to potential suggestion of additional improvements to the text.
Draft Agenda

Paper Launch - Bridging the CDR funding gap: design options and policy choices
2025-11-25 15:00 - 16:30 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
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This is a hybrid event. Important! Online participation is only allowed for attendees located outside Brussels.
This paper presents findings on how the European Union can accelerate the deployment of permanent carbon dioxide removal (CDR) solutions through the design of effective funding mechanisms. The presentation will begin with a summary of the paper’s key results, including an analysis of the current landscape of CDR financing in the EU. While CDR is increasingly recognized as a strategic tool for achieving climate neutrality by 2050, the research demonstrates that existing funding frameworks remain fragmented and difficult to navigate.
The paper explores several key mechanisms for advancing CDR deployment, including the potential of a public purchasing programme for permanent carbon removal credits, the design and application of Carbon Contracts for Difference (CCfDs), and the role of complementary mechanisms such as competitive tenders and voluntary markets. The analysis examines the advantages, risks, and trade-offs of each approach, providing evidence-based recommendations on policy choices that can ensure high-quality, verifiable removals while mobilizing both public and private investment.
The paper concludes by outlining actionable pathways for the EU to establish leadership in developing and scaling robust CDR solutions as an integral component of its climate neutrality strategy.

Agenda

Launch Event: EU ETS - CBAM Strawman Report
2025-12-09 10:00 - 12:00 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
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This is the launch event of the EU ETS – CBAM Strawman Report, under the framework of ERCST’s initiative on the “future of emissions trading in the EU”. The final theme under discussion in this project is the “EU ETS – CBAM Strawman”.
The Future of Emissions 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. The project aims to provide original analytical insights, pinpoint challenges, and propose solutions for the evolution of the EU ETS during the second Phase of phase IV (2025-2030) and post-Phase IV. The project will investigate the system’s impact on key sectors such as power and industry and explore implications for governance relevant to EU policymakers. Within this process, a series of reports covering different aspects of the future of emissions trading in the EU will be released throughout the year.
This event will cover the EU ETS – CBAM Strawman Report, this being the last report of the Future of the EU ETS project. During this event the report will be presented by the authors and discussed by commentators.

Draft Agenda

Launch event - Towards a comprehensive hydrogen infrastructure - Assessing progress and addressing gaps
2025-12-11 15:00 - 17:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
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This is an in-person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This is the launch event of ERCST’s Paper ‘Towards a comprehensive H2 Infrastructure: assessing progress and addressing gaps’.
This initiative aims to analyze the current status of hydrogen infrastructure development, including pipelines and terminals, identify the main uncertainties and challenges hindering progress, and examine the support mechanisms in place, including financing instruments and policy tools. It will also discuss the forthcoming European Grid Package (expected in Q1 2026) to develop recommendations.
Draft agenda

Stakeholder Roundtable: 2026 State of the EU ETS Report
2025-12-16 10:00 - 12:00 | 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 wish to attend, please email ncaruana@ercst.org
This meeting is intended as a stakeholder/expert workshop with a small group of invited stakeholders and policy makers, which will brainstorm on the outline and content of the 2026 State of the EU ETS Report [1]. This will be the eleventh 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 2025 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 outline 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 2026 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

Paper Launch - EU's Road Transport Decarbonization Policy: Innovative Policy Approaches for Industrial Competitiveness
2026-01-15 14:30 - 16:30
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This is a hybrid event. Important! Online participation is only allowed for attendees located outside Brussels.
In February 2025, ERCST published its Reflection paper, “Road transport decarbonization: innovative policy approaches for competitiveness and investment” after extensive consultations with a broad range of stakeholders, including representatives from automotive materials, vehicle manufacturers, and energy suppliers. The analysis presented in the Reflection paper highlights that current European road transport CO2 policies have not only failed to maximize opportunities for investment across these sectors but have also inadvertently led to a loss of competitiveness, with some industrial activities and investments shifting outside the EU. This is seen as a direct consequence of policy approaches that do not sufficiently incentivize or enable investment in innovative, low- and zero-carbon technologies within Europe.
Building on this assessment, the paper proposes a new approach aimed at reversing these negative trends. It advocates for a comprehensive review and redesign of road transport decarbonization policies to better capture the vast investment potential in low-carbon and zero-carbon solutions. The goal is to create a policy environment that attracts and retains investment in advanced vehicle technologies, sustainable fuels, and supporting infrastructure, thereby strengthening the EU’s industrial base and ensuring that the transition to climate neutrality also delivers economic and social benefits.
Agenda
