Reflection Note: EU ETS Review: Under the shadow of the energy crisis

Summary

The EU ETS has become a second priority. This is the attitude we currently observe in the political discussion. Whether this approach is justified or not in the current economic context, it may not be the best path to follow.

In the current unprecedented energy crisis, EU leaders are mainly concerned about fighting the upcoming winter by ensuring energy supplies.

In the meantime, we risk undermining the success of both, the EU and international climate policy (as the EU is a leader by example). The EU ETS has been the cornerstone of the EU climate policy since it was created in 2015.

In this reflection note, we urge policy makers and stakeholders to not abandon the focus on the long term, and to not undermine what has been already achieved. Credibility is key and the climate decisions of today will have an impact for years to come.