Nordic companies and investors call on the EU not to weaken the_CO2 trading system

A group of eighty large Nordic companies and investors, including Volvo and Nokia, called on the European Union on Wednesday not to weaken the European CO2 emissions market (ETS) and to preserve a “predictable and coherent” system that incentivises decarbonisation and industrial competitiveness.
In a letter sent on Wednesday to the leaders of the European institutions, the signatories called for “protecting and strengthening the integrity of the EU ETS as a cornerstone of Europe’s climate and competitiveness strategy”.

The companies and investors, which represent a combined global annual revenue of 303 billion euros (more than $357 billion) and employ 653,000 people, argued that the emissions trading system has helped strengthen the single market, provide clear investment signals and reduce polluting emissions.

“The ETS must ensure a predictable and coherent system that serves as a cornerstone of industrial transformation, innovation and fair competition, without punishing those who invested early in decarbonization,” the companies said in the letter.
The position comes in the midst of a debate on possible adjustments to the European carbon market, after different industrial sectors and some member states have called for measures to limit the impact of high CO2 prices on the competitiveness of European industry.

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