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Energy policy: EU emissions trading now one step ahead

by David Fleschen

In a second attempt, the EU Parliament yesterday adopted the three missing parts of the climate package "Fit-for-55". Presumably due to the search for compromise, the linear reduction factor will now be increased step by step with additional one-off reductions (rebasing) in the years 2024 and 2026. Ultimately, this should lead to a stronger reduction of the emissions cap by 63% compared to 2005 (Commission: 61%). The border adjustment mechanism was also fine-tuned: The associated melting of the free allocation of allowances is to start in 2027, initially somewhat weaker, but will be completed by 2032. As in the first attempt, the package also provides for tougher action against speculation. According to the parliament's will, market access for financial investors should be restricted and, due to an amendment of Article 29a, it should be possible to take countermeasures more quickly in the event of sharply rising prices. As in the past, the Parliament has thus positioned itself more ambitiously than the Commission; next week, the French Council Presidency wants to reach an agreement in the Council of Ministers on the climate package. Then the trilogue negotiations between the three institutions, Council, Parliament and Commission, could take place in autumn.

The market acknowledged yesterday's approval of the package with a slight price drop to just under EUR 82 per tonne, which can probably be attributed to the usual "sell the fact". We see the CO2 price trending sideways with strong fluctuations for the time being, not only due to the political finding phase, but also due to the economic uncertainty in the EU and the high energy prices.

Source: Commerzbank Reseach, Photo: Fotolia

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