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Why the European Emissions trading plan didn’t work and how to fix it


First imagined in the late 90s, ETS comes after a protracted debate about the imposition of a carbon tax. The idea is to set a price for each emission, so whoever emits pays for it.

The goal is to force facilities installed below it – which currently have around 11,000 – to decarburize. These are mostly large power plants in the electrical and heavy industries (such as refineries, cement plants, steel, aluminum and chemicals) across all Member States, Norway, Iceland and Liechtenstein. UK is also protected, until Brexit happens.

However, since ETS was implemented in 2005, there have been four phases with different laws and instruments. In particular, too much European Emission Allowance (EUA) was created in the second phase by very generous free allocation following the 2008 economic crisis – which quickly became a serious problem. important.

Wijnand Stoefs, policy official dealing with EU ETS, international transport and removal of carbon dioxide at NGOs, explains: “Steelmakers not only get some for free, they also get a lot. subsidy enough to sell them. Track the carbon market, specialized…

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