EU secures LNG supplies with US deal, refrains from power market intervention
The West on Friday pledged to keep its climate efforts in place while attempting to ditch Russian fossil fuels, with EU leaders securing more US LNG supply but then only reaching a limited agreement to help curb rising energy costs after extended talks.
Read MoreEU debate on second ETS takes new turn as key MEP contemplates price corridor
Imposing a carbon price corridor for the EU’s proposed second ETS for transport and buildings is an idea gaining momentum among lawmakers, a move that could help defuse fears about a new trading scheme putting an excessive burden on poorer households.
Read MoreEU lawmakers grapple with ETS reforms in light of Ukraine crisis
EU lawmakers are struggling to home in on compromises on a pivotal reform of the bloc’s carbon market, with some wary of stirring public anger over heightened energy bills amid the unfolding crisis in Ukraine.
Read MoreSouthern EU nations push for power price cap despite doubts over impact
Italy, Spain, Portugal, and Greece are pushing for bold power and gas market reforms at an EU leaders’ meeting this week, seeking to shield low- and middle-income households from sky-high energy prices despite uncertainty over how this would impact the EU ETS.
Read MoreEU nations find compromise on carbon border levy, but thorny issues remain
EU finance ministers on Tuesday forged a unified position on a proposed Carbon Border Adjustment Mechanism (CBAM), defusing fears that bloc’s Fit for 55 climate package might be delayed or watered down due to the European energy crisis or Russia’s invasion of Ukraine.
Read MoreBrussels aims to end Russian fossil fuel imports by 2027, flags new sanctions
European Commission President Ursula von der Leyen confirmed on Friday that her executive is formulating plans for the EU to end fossil fuel imports from Russia by no later than 2027, while announcing that a new flurry of sanctions will target Russian energy and heavy industry.
Read MoreEU nations strike limited CBAM deal, leaked draft suggests
EU nations have agreed a unified stance on a proposed Carbon Border Adjustment Mechanism (CBAM), a leaked draft seen by Carbon Pulse on Thursday suggested, following efforts by France to prioritise the issue under its six-month EU presidency.
Read MoreEU’s second ETS would support the poorest 10% of households –study
The EU’s proposed second ETS for buildings and transport along with energy tax reforms may contribute to fighting inequality while lowering emissions, according to a study published on Wednesday that contradicts arguments that the market would place an unbearable cost for the most vulnerable.
Read MoreBrussels seeks to expand ETS state aid rules, cut EU’s Russian gas dependency
The European Commission aims to use the full flexibility of its state aid powers to help the EU respond to surging energy costs, it said in its Energy Communication published on Tuesday, potentially allowing member states to expand the industries eligible to receive indirect ETS cost compensation.
Read MoreEU climate chief rules out Russian energy ban, but seeks major cut
The EU is in no position to embargo Russian oil and gas imports in response to the war waged by Moscow on Ukraine, the European Commission’s climate chief Frans Timmermans said late on Monday, adding that such a scenario would leave some member states in real trouble if gas was halted overnight.
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