European steel and chemicals giants urge EU leaders to freeze ETS costs
Europe’s largest steel and chemical companies have urged EU leaders to halt rising carbon costs they fear will result from an expected reform of the bloc’s Emissions Trading System (EU ETS) due to be presented in July.
Read MoreEuro Markets: EUAs settle over €80 for first time in two weeks as peace deal, benchmarks boost confidence
European carbon prices surged early on Monday as markets reacted to the announcement that a peace memorandum between Iran and the United States will be signed later this week, and edged up further in the afternoon to cross the psychological €80 level after EU representatives voted to approve proposed benchmarks adjustments for free allocation.
Read MoreEU states back updated free allocation benchmarks in exchange of separate fallback proposal
EU member states approved on Monday the updated benchmarks used to determine the number of free ETS allowances handed to industries for the next five years, while Brussels also committed to put forward a new proposal with more specific ‘fallback’ values in July.
Read MoreECB climate report shows lower portfolio emissions, higher share of green bonds
The European Central Bank (ECB) saw a further decline in emissions linked to its sovereign and corporate bond portfolios last year, although most of the cuts stem from balance sheet run-off rather than decarbonisation of issuers, according to its latest climate-related financial disclosure.
Read MoreBRIEFING: Global governments urge Brussels to simplify CBAM compliance rules
Governments around the world have urged the EU to simplify what they describe as overly prescriptive and complex requirements for complying with its Carbon Border Adjustment Mechanism (CBAM).
Read MoreItaly attacks draft EU ETS review, says Brussels is undermining political deal
Italian Prime Minister Giorgia Meloni has launched a fresh attack on the EU Emissions Trading System (ETS) ahead of this week’s EU leaders’ summit in Brussels, accusing officials of using technical interpretations to overturn political agreements reached by member states.
Read MoreEU member states agree to extend CBAM to downstream sectors from 2028
EU member states agreed on Friday to extend the bloc’s Carbon Border Adjustment Mechanism (CBAM) to downstream goods from Jan. 2028, while tightening the conditions for temporarily exempting products and broadening the list of goods covered.
Read MoreEuro Markets: EUAs give up early gains to end the week flat, as gas slumps 6% on Friday
European carbon prices gave up early momentum on Friday, generated by an overnight US government statement that an agreement had nearly been reached with Iran to open the Strait of Hormuz, which pressured gas prices around 6% lower, though the supportive sentiment faded as the session went on for EUAs which ended the week flat, with several market players doubtful that the deal would be signed in the next few days.
Read MoreUK govt confirms imminent 2026 ETS auction calendar change for maritime inclusion
The 2026 UK Emissions Trading Scheme (UK ETS) auction calendar will be updated to reflect the inclusion of domestic maritime emissions once the regulation enabling the scope expansion comes into force in July, the government confirmed late on Friday.
Read MoreEU food sector seeks more ETS revenues to back 85% emissions cut potential
Europe’s food and drink industry could cut greenhouse gas emissions by 85% from 2020 levels by 2050, exceeding the reductions required under science-based guidance, but only if policymakers channel more carbon pricing revenues and targeted support into low-carbon technologies, according to a sectoral net zero roadmap presented in Brussels on Thursday.
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