ERCST

Launch Event - Future of Emissions Trading in the EU: Agriculture ETS (Public Event)
2025-10-14 10:00 - 12:00 (Europe/Paris) | 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
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 was an hydrid event. Participation online was 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 was 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 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 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 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 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 an ONLINE 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 was 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 included a presentation on the preliminary model results. These included 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 was an ONLINE by-invitation only event.

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 wasintended 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.
Agenda

Stakeholder Consultation: EU CBAM Legislative Proposal
2026-02-03 15:00 - 16:30 | online
This was an invitation-only event.
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 provides the ERCST’s timely and comprehensive response to the European Commission’s forthcoming proposal. It offers a detailed analysis and critical reflection on those key design questions, and offer recommendations.
This closed stakeholder consultation brought together a wider group of stakeholders to examine the proposal once more during ERCST’s drafting of the report. Discussion centred 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 Slides

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.
Agenda

State of EU ETS - Second Stakeholders Meeting
2026-03-11 10:00 - 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.

Debate - Industrial Accelerator Act: will it be the signal for hydrogen demand to emerge?
2026-03-12 14:00 - 16:00 | online
This was 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.
Therefore, the IAA introduces measures to accelerate permitting procedures for industrial manufacturing and decarbonisation projects, create lead markets for strategic products through Union-origin and low-carbon requirements in public procurement and support schemes, establish conditions for foreign direct investment in emerging strategic sectors, and promote industrial activity through the designation of industrial manufacturing acceleration areas by Member States.
This event discussed the Industrial Decarbonisation Accelerator Act which was published on March 4th 2026 and assessed whether it can finally trigger hydrogen demand, strengthening industrial competitiveness and the EU’s climate-neutrality pathway.
Agenda Recording Slides

Launch Event: EU CBAM Legislative Proposal
2026-03-17 15:00 - 17:00 | online
This first report under the Border Carbon Adjustments in the EU – Phase VII workstream provides ERCST’s timely and comprehensive response to the European Commission’s December 2025 Legislative Proposal.
At the launch event, ERCST presented the paper and opened the floor for feedback. The discussion centred on the Commission’s approach to exports, the planned downstream extension of the CBAM, the anti-circumvention framework, and the newly introduced Article 27a safeguard mechanism — examining the rationale behind these measures, their expected impacts, and remaining gaps in addressing identified risks.
Agenda
ERCST Slides ERCST Publication Recording

Quo Vadis ETS: Challenges and Solutions
2026-03-23 16:00 - 18:00 | University Foundation, Rue d’Egmont, 11, Brussels, 1000, Belgium
This was an-invitation only event.
ERCST, since its inception, has been a strong advocate of market solutions and economic instruments to address environmental challenges and find sustainable solutions. At the same time ERCST has also consistently emphasized that a strong and prosperous Europe requires a strong industrial base.
The EU finds itself now at an important inflection point: the Climate Law specifies very ambitious targets for 2040 and 2050, while industrial competitiveness is under significant pressure. This is reflected in the closure of installations, a lack of investments in energy-intensive industries, and increasingly significant job losses.
The EU ETS, as one of the key pillars of EU climate change policy has delivered an increasingly strong explicit carbon price, as well as a rising effective carbon price(cost) driven by the decreasing cap, the introduction of CBAM and strengthened benchmarks.
Leading to, and following the recent meeting in Antwerp, which focused on competitiveness and touched upon the EU ETS, there have been voices advocating strong measures such as pausing the EU ETS and/or the CBAM. Others, while agreeing that strong and urgent measures are needed, emphasize the need for measures that address the cost while preserving the flexibility and usefulness of the price signal. In Antwerp, industry demands seemed to focus on energy and carbon cost, especially as they relate to the adjustment in benchmarks.
This session was intended for a policy level discussion on the direction of the policy debate for the EU ETS ahead of the expected European Commission proposal in July 2026. The panel was invited to elaborate on the problems that need to be addressed, in the short and long term, but also how to address them and what are the broader consequences of their views on the way forward. Costs are emerging as a key issue, with the additional question of who bears the costs under different models.
Draft Agenda Recording

Launch Event - Policy options for sustainable mobility: the road to decarbonization
2026-04-01 10:00 - 12:00 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
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 “Road transport decarbonization: innovative policy approaches for competitiveness and investment” .
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 highlighted some of the key dimensions and principles that must underpin a neutral analysis of road decarbonization policies.
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.
Draft Agenda

2026 Review of EU ETS - Stakeholder meeting
2026-04-01 15:00 - 17:00 | online
This is an invitation-only event. If interested in participating, please email: cmeinardi@ercst.org, tpaperini@ercst.org.
This is an online event.

2026 will see a review of the EU Emissions Trading System for maritime, aviation and stationary installations (EU ETS) Directive, including the Market Stability Reserve (MSR) Decision. Other key developments to be considered include the gradual phase-out of free allocation and the implementation of the Carbon Border Adjustment Mechanism (CBAM), while uncertainties around ETS2 implementation, possible consideration of integration of International Credits to cover up to 5% of emission reductions, potential inclusion of CDRs, and the potential inclusion of agriculture in ETS or similar systems raise the question of how much the ETS will be affected and what issues will stem from them. Furthermore, while the ETS effectively incentivizes decarbonization on the supply side, it does not provide incentives for demand for low carbon products.

The review aims to evaluate whether the current design of the ETS and the MSR remains effective and fit for purpose under these conditions.

The European Commission is conducting the review in the third quarter of 2026 through an evaluation and impact assessment process supported by stakeholder consultation.

Therefore, this stakeholder meeting is thought as an initial discussion with selected stakeholders on the logic behind the 2026 ETS Review.

Stakeholder Consultation: CBAM in an International Context
2026-04-22 15:00 - 17:00 | online
This is an invitation-only event. If interested in participating, please email: msangiovanni@ercst.org, hbevernage@ercst.org.
This is an online event.
As the EU CBAM entered its definitive phase and is impacting global climate and trade dynamics, this second report under the Border Carbon Adjustments in the EU – Phase VII workstream examines the subject’s international implications. It situates the mechanism within a rapidly evolving landscape of third-country responses, emerging carbon pricing systems, and growing discussions on interoperability and cooperation.
This report will provide an analysis of how the EU framework interacts with international partners and the broader global landscape it is helping to shape. It will examine emerging responses and dynamics, as well as consider potential avenues for cooperation and engagement. The paper will conclude with reflections and recommendations aimed at supporting the CBAM’s integration in an evolving international context.
This closed stakeholder consultation will bring together a group of stakeholders to examine the subject as ERCST continues drafting the report.

Launch Event - 2026 ETS Review
2026-04-23 10:00 - 12:00 | conseil central de l’economie, Avenue d’auderghem 20, 1000 Brussels
Register in person
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This is the Launch Event for the work that ERCST is doing on the Review of the EU ETS. During this event, we will launch “Review of the EU ETS: Challenges and Policy Levers to address them”. The session will highlight key issues to be discussed in the upcoming Review of the EU ETS, and the levers in the EU ETS that can be used to address them.
The report issued in this launch is intended to provide a logic and a story for the discussion that should, in our view, take place under the upcoming Review of the EU ETS. It is not intended to go into technical analysis and search for solutions to individual issues, but try and provide ideas on how the agenda for the review should be set.
Agenda

Launch Event - Carbon Leakage under CBAM and Free Allocation
2026-05-13 10:30 - 12:30 | Conseil central de l’économie, Avenue de la Joyeuse Entrée, 17, 1040 Bruxelles
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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 encompassed a number of iterative consultations with stakeholders.
This public launch event will present the analytical findings and policy messages, targeting EU policymakers, stakeholders, and academics.
