Bureaucrats in Brussels are preparing for the carbon pricing battle of their lives.

Faced with the division in the sector, EU climate officials hope to push for a tightening of the Emissions Trading System (ETS).
The European Union’s innovative Emissions Trading System (ETS) has been in operation for two decades, but it is facing a critical moment amid a global drop in carbon prices. Currently, nearly 30% of global greenhouse gas emissions into the atmosphere are subject to carbon pricing, which means that companies must pay for every ton of carbon dioxide they emit. However, politicians around the world are losing their composure. California just awarded $4 billion in free pollution permits, New York has cut its climate targets, and Canada eliminated its carbon price for consumers and limited part of its industrial program. In Europe, where 40% of global revenues from CO2 pricing are obtained through a “cap-and-trade” emissions trading system that allows a tonne of CO2 to cost around €80, industrialists and politicians are also keen to do away with the system. accusing him of ruining the bloc’s economy.

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