ERCST

Stakeholder Roundtable - Future of the EU ETS: EU ETS - CBAM Strawman
2025-10-21 14:00 - 16:00 (Europe/Paris) | 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
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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
Register in person Register online
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
This was 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 Recording Slides

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
Register Online

This is an ONLINE only event.
Due to the national strike in Belgium, the event will now be held fully online.
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

Carbon Leakage under CBAM and Free Allocation - First Stakeholder meeting
2025-12-01 10:00 - 12:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This is an invitation-only event. If you wish to participate, please email cmeinardi@ercst.com
ERCST and the Climate Economics Chair (CEC) are carrying out a study on the long-term effects of free allocation versus full auctioning on industry, the carbon price, and investment signals. The project will develop and run a model that incorporates international trade and carbon leakage, including the interplay between free allocation and CBAM.
The work will encompass a number of iterative consultations with stakeholders, and will result in a paper in early 2026 that will provide evidence-based policy recommendations to inform future reforms of EU ETS and CBAM.
This First Stakeholder Meeting will focus on testing and discussing the structure of the model, the variables included, and the underlying assumptions. Stakeholder input will help validate the ‘realism’ and relevance of the analytical approach.
Draft Agenda

Launch Event: EU ETS - CBAM Strawman Report
2025-12-09 10:00 - 12:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This was 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.

Agenda

Recording

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
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 to develop recommendations.
Agenda Read the paper

Discussion - Public consultation on CO2 markets and infrastructure
2025-12-16 10:00 - 11:30 | online
This is an ONLINE by-invitation only event. If you are interested in joining please write to ccavallera@ercst.org
The Communication outlining the 2040 climate target and its accompanying impact assessment highlight that carbon capture, utilisation and storage (CCUS) will be essential for achieving the EU’s 2050 climate goals. Likewise, the Industrial Carbon Management Strategy, released in February 2024, acknowledges the need for new legislation to support the creation of competitive CO₂ markets and the development of transport infrastructure.
The European Commission has now launched a public consultation on a legislative initiative concerning CO₂ transport infrastructure and markets.
Consultation period: 06 October 2025 – 09 January 2026 (midnight Brussels time).
ERCST will be submitting input to this consultation. We recognize its importance and would like to discuss with you and hear a divers set of views to ensure that our contribution is well grounded, especially as some of the issues are highly technical and require direct experience in these areas.
This session is intended as an interactive exchange where stakeholders can share their insights, raise concerns, and help identify practical solutions to inform ERCST’s contribution to the consultation.
Agenda

Product Standards in the EU - Stakeholder consultation
2026-01-12 14:30 - 16:30 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This was an invitation only event. If interested, please contact acmarcu@ercst.org
This is an hydrid event. Participation online is allowed only for those outside of Brussels.
ERCST has launched a new initiative examining product standards as a tool to strengthen demand for low-carbon industrial goods. While Europe has made major progress in power-sector decarbonization and electrification, the next phase – industrial decarbonization – will require policies that not only address the supply side of the equation, but also ensure predictable, long-term demand. Against the backdrop of ongoing reviews of key European climate policies, including the EU ETS and CBAM, as well as efforts to foster markets for low-carbon goods under the Clean Industrial Deal, this project will assess how product carbon accounting and carbon-intensity standards could be introduced within the EU policy framework. It will combine analytical research with extensive stakeholder engagement across key European capitals. Findings will feed into a final report evaluating design options and outlining policy recommendations.
Draft Agenda Slides Slides – E3G Slides – WRI Slides Minji Jeong

Stakeholder Roundtable: 2026 State of the EU ETS Report
2026-01-13 10:00 - 12:00 | 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 wish to attend, please email tpaperini@ercst.org, cmeinardi@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

Focus Group: EU CBAM Legislative Proposal
2026-01-13 15:00 - 16:30 | online
This is an invitation-only event. Please contact msangiovanni@ercst.org if you wish to register.
As the EU moves into the definitive phase of the CBAM, a major legislative package is expected in Q4 2025, covering the treatment of exports, the extension of CBAM to downstream sectors, and the EU’s anti-circumvention strategy.
This first report under the Border Carbon Adjustments in the EU – Phase VII workstream will provide the ERCST’s timely and comprehensive response to the European Commission’s forthcoming proposal. It will offer a detailed analysis and critical reflection on those key design questions, and offer recommendations.
This closed focus group meeting will bring together a select group of stakeholders to examine the proposal in depth. Discussion will centre on the Commission’s approach to exports, the planned downstream extension of CBAM, and the anti-circumvention framework, exploring the rationale behind these measures, their expected impacts, and remaining gaps in addressing identified risks.
Draft agenda

Stakeholder consultation- EU's Road Transport Decarbonization Policy: Innovative Policy Approaches for Industrial Competitiveness
2026-01-15 15:00 - 16:30 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This is a by-invitation only event. If you are interested in joining please write to ccavallera@ercst.org
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 discussed today focuses on regulatory aspects in the area of climate change. It does not attempt to determine the contribution of climate change regulation to the current situation, but rather to put forward new ideas on how climate change objectives can be better achieved, therefore, the focus is on policy options to meet climate change objectives. 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.
This meeting is intended as a stakeholders/experts workshop which will brainstorm on the outline and content of the ERCST’s upcoming paper.
Agenda

Carbon Leakage under CBAM and Free Allocation - 2nd Stakeholder Meeting
2026-01-28 14:00 - 16:00 | location tbc
This meeting is by invitation only. If you are interested, please contact tpaperini@ercst.org
ERCST and the Climate Economics Chair (CEC) are carrying out a study on the long-term effects of free allocation versus full auctioning on industry, the carbon price, and investment signals. The project will develop and run a model that incorporates international trade and carbon leakage, including the interplay between free allocation and CBAM.
The work will encompass a number of iterative consultations with stakeholders, and will result in a paper in early 2026 that will provide evidence-based policy recommendations to inform future reforms of EU ETS and CBAM.
The 2nd Stakeholder meeting will include presenting the preliminary model results. These will include insights into how different allocation methods affect carbon prices, firm behavior, and industrial structure. Using a combination of theoretical modeling and input-output linkages, the project will quantify the extent of value chain carbon leakage and evaluate policy options such as extending the CBAM to downstream sectors and adjusting for carbon cost pass-through.
Draft Agenda

Focus Group - European Commission’s CO₂ Transport Package: Implications for EU Climate Policy
2026-01-29 15:00 - 16:30
This is an ONLINE by-invitation only event. If you are interested in joining please write to ccavallera@ercst.org

The European Commission’s CO₂ Transport Package is central to enabling an integrated and competitive EU market for CO₂, supporting the scale-up of industrial carbon management solutions including CCS, CCU, and CDR.
In line with the Industrial Carbon Management Strategy, the EU must deploy significant CO₂ transport infrastructure to connect capture sites with storage or utilisation locations. This will require a coordinated approach across borders, greater regulatory clarity, and strong investment signals. The Net Zero Industry Act reinforces this ambition by establishing an EU market for CO₂ storage services and setting a legally binding target of 50 million tonnes of annual CO₂ injection capacity by 2030.
This meeting is intended as a stakeholders/experts workshop with a small group of invited stakeholders which will brainstorm on the topics to be discussed in the upcoming ERCST’s Paper titled ‘European Commission’s CO₂ Transport Package: Implications for EU Climate Policy’. This initial Focus Group will be followed by a broader Stakeholders Consultation taking place in February 2026.
Draft Agenda

Stakeholder Consultation: EU CBAM Legislative Proposal
2026-02-03 15:00 - 16:30 | online
This is an invitation-only event. Please contact msangiovanni@ercst.org if you wish to register.
As the EU moved into the definitive phase of the CBAM, a major legislative package has been delivered in Q4 2025, covering treatment of exports, the extension of CBAM to downstream sectors, and the EU’s anti-circumvention strategy.
This first report under the Border Carbon Adjustments in the EU – Phase VII workstream will provide the ERCST’s timely and comprehensive response to the European Commission’s forthcoming proposal. It will offer a detailed analysis and critical reflection on those key design questions, and offer recommendations.
This closed stakeholder consultation will bring together a wider group of stakeholders to examine the proposal once more as ERCST continues drafting the report. Discussion will centre on the Commission’s approach to exports, the planned downstream extension of CBAM, and the anti-circumvention framework, exploring the rationale behind these measures, their expected impacts, and remaining gaps in addressing identified risks.
Draft agenda

Stakeholders Consultation - European Commission’s CO₂ Transport Package: Implications for EU Climate Policy
2026-02-24 15:00 - 16:30 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This is a by-invitation only event. If you are interested in joining please write to ccavallera@ercst.org

The European Commission’s CO₂ Transport Package is central to enabling an integrated and competitive EU market for CO₂, supporting the scale-up of industrial carbon management solutions including CCS, CCU, and CDR.
In line with the Industrial Carbon Management Strategy, the EU must deploy significant CO₂ transport infrastructure to connect capture sites with storage or utilisation locations. This will require a coordinated approach across borders, greater regulatory clarity, and strong investment signals. The Net Zero Industry Act reinforces this ambition by establishing an EU market for CO₂ storage services and setting a legally binding target of 50 million tonnes of annual CO₂ injection capacity by 2030.
This meeting is intended as a stakeholders/experts workshop which will brainstorm on the outline and content of the ERCST Paper ‘European Commission’s CO₂ Transport Package: Implications for EU Climate Policy’.
The authors will present the paper’s draft outline, setting the scene for an in-depth discussion with the speakers and the participants.
Draft Agenda

State of EU ETS - Second Stakeholders Meeting
2026-03-11 11:00 - 12:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
This is an invitation only event. If interested in joining please contact cmeinardi@ercst.org or tpaperini@ercst.org
Important: this is an in person meeting. Online participation is allowed only for those based outside of Brussels.

This second 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.

Launch Event: EU CBAM Legislative Proposal
2026-03-11 15:00 - 17:00 | online
As the EU moved into the definitive phase of the CBAM, a major legislative package has been delivered in Q4 2025, covering treatment of exports, the extension of CBAM to downstream sectors, and the EU’s anti-circumvention strategy.
This first report under the Border Carbon Adjustments in the EU – Phase VII workstream will provide the ERCST’s timely and comprehensive response to the European Commission’s forthcoming proposal. It will offer a detailed analysis and critical reflection on those key design questions, and offer recommendations.
At this event the ERCST will launch and present a paper and open the floor for feedback. Discussion will centre on the Commission’s approach to exports, the planned downstream extension of CBAM, and the anti-circumvention framework, exploring the rationale behind these measures, their expected impacts, and remaining gaps in addressing identified risks.
Draft agenda
Register

Debate - Industrial Accelerator Act: will it be the signal for hydrogen demand to emerge?
2026-03-12 14:00 - 16:00 | online
Register Online

This is an ONLINE event.
The Industrial Accelerator Act (IAA) is a core element of the Clean Industrial Deal, designed to accelerate the decarbonisation of Europe’s energy-intensive industries (EIIs). It aims to address three major challenges slowing industrial transformation: lengthy permitting procedures, high investment risks for clean industrial technologies, and insufficient demand for low-carbon industrial products.
The Act is expected to create an enabling environment for priority industrial decarbonisation projects and clusters, improve access to electricity, hydrogen, and CO₂ transport & storage infrastructure, and support the emergence of European lead markets for low-carbon products.
This event will discuss the upcoming Industrial Accelerator Act and assess whether it can finally trigger hydrogen demand, strengthening industrial competitiveness and the EU’s climate-neutrality pathway
Draft Agenda

Launch Event - European Commission’s CO₂ Transport Package: Implications for EU Climate Policy
2026-04-21 15:00 - 17:00
Register in person
Register Online

This is an in-person event. “Important! Online participation is only allowed for attendees located outside Brussels”
This is the launch event of ERCST Paper ‘European Commission’s CO₂ Transport Package: Implications for EU Climate Policy’.
