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European Union Emissions Trading System

Plot shows the price of EUA in the EU Emissions Trading System from 2010 to 2024
Price of CO2 in the EU Emissions Trading System
Price of CO2 in the EU Emissions Trading System

The European Union Emissions Trading System (EU ETS) is a carbon emission trading scheme (or cap and trade scheme) that began in 2005 and is intended to lower greenhouse gas emissions in the EU. Cap and trade schemes limit emissions of specified pollutants over an area and allow companies to trade emissions rights within that area. The ETS covers around 45% of the EU's greenhouse gas emissions.[1]

As from 2027 road transport and buildings and industrial installation that fell out of EU ETS will be covered by a new EU ETS2. The "old" ETS and the new EU ETS2 allowances will be traded independently. A major difference to the ETS is that ETS2 will cover the CO2 emissions upstream - whereby accredited fuel suppliers who places the fuel on the EU market will be obliged to cover that fuel with ETS2 emission allowances. The ETS2 covers around 40% of the EU's greenhouse gas emissions.

The scheme has been divided into four "trading periods". The first ETS trading period lasted three years, from January 2005 to December 2007. The second trading period ran from January 2008 until December 2012, coinciding with the first commitment period of the Kyoto Protocol. The third trading period lasted from January 2013 to December 2020. Compared to 2005, when the EU ETS was first implemented, the proposed caps for 2020 represent a 21% reduction of greenhouse gases. This target was achieved six years early as emissions in the ETS fell to 1.812 billion (109) tonnes in 2014.[2]

The fourth phase started in January 2021 and will continue until December 2030. The emission reductions to be achieved over this period are unclear as of November 2021, as the European Green Deal necessitates tightening of the current EU ETS reduction target for 2030 of -43% concerning to 2005. The EU Commission proposes in its "Fit for 55" package to increase the EU ETS reduction target for 2030 to −61% compared to 2005.[3][4]

EU countries view the emissions trading scheme as necessary for meeting climate goals. A strong carbon market guides investors and industry in their transition from fossil fuels.[5] A 2020 study found that the EU ETS successfully reduced CO2 emissions even though the prices for carbon were set at low prices.[6] A review of 13 policy evaluations quantifies this emission reduction effect at 7%.[7] A 2023 study on the effects of the EU ETS identified a reduction in carbon emissions in the order of -10% between 2005 and 2012 with no impacts on profits or employment for regulated firms.[8] The price of EU allowances exceeded 100€/tCO2 ($118) in February 2023.[5] A 2024 study further demonstrated that the EU ETS has incidentally contributed to reduce atmospheric levels of air pollutants in the EU including sulfur dioxide, fine particulate matter, and nitrogen oxide.[9] This reduction has translated in local health co-benefits, alongside the system's primary goal of mitigating climate change.

  1. ^ "EU Emissions Trading System".
  2. ^ "Transform -". www.environmentalistonline.com. Archived from the original on 14 November 2017. Retrieved 19 April 2018.
  3. ^ European Commission (14 July 2021). "Delivering the European Green Deal". Archived from the original on 1 November 2021. Retrieved 1 November 2021.
  4. ^ "EU Emissions Trading System reaches provisional agreement - SAFETY4SEA". 7 March 2023. Retrieved 15 March 2023.
  5. ^ a b Twidale, Susanna; Abnett, Kate; Chestney, Nina; Chestney, Nina (21 February 2023). "EU carbon hits 100 euros taking cost of polluting to record high". Reuters. Retrieved 19 March 2023.
  6. ^ Bayer, Patrick; Aklin, Michaël (2 April 2020). "The European Union Emissions Trading System reduced CO2 emissions despite low prices". Proceedings of the National Academy of Sciences. 117 (16): 8804–8812. Bibcode:2020PNAS..117.8804B. doi:10.1073/pnas.1918128117. ISSN 0027-8424. PMC 7183178. PMID 32253304.
  7. ^ Döbbeling-Hildebrandt, Niklas; Miersch, Klaas; Khanna, Tarun M.; Bachelet, Marion; Bruns, Stephan B.; Callaghan, Max; Edenhofer, Ottmar; Flachsland, Christian; Forster, Piers M.; Kalkuhl, Matthias; Koch, Nicolas; Lamb, William F.; Ohlendorf, Nils; Steckel, Jan Christoph; Minx, Jan C. (16 May 2024). "Systematic review and meta-analysis of ex-post evaluations on the effectiveness of carbon pricing". Nature Communications. 15 (1): 4147. doi:10.1038/s41467-024-48512-w. ISSN 2041-1723. PMC 11099057. PMID 38755167.
  8. ^ Dechezleprêtre, Antoine; Nachtigall, Daniel; Venmans, Frank (1 March 2023). "The joint impact of the European Union emissions trading system on carbon emissions and economic performance". Journal of Environmental Economics and Management. 118: 102758. Bibcode:2023JEEM..11802758D. doi:10.1016/j.jeem.2022.102758. ISSN 0095-0696.
  9. ^ Basaglia, Piero; Grunau, Jonas; Drupp, Moritz A. (9 July 2024). "The European Union Emissions Trading System might yield large co-benefits from pollution reduction". Proceedings of the National Academy of Sciences. 121 (28). doi:10.1073/pnas.2319908121. ISSN 0027-8424. PMC 11252810.
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