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The EU emissions trading system research

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Introduction

The European Union Emissions Trading System (EU ETS) is reviewed and adjusted every few years, prompted by a deadline set in the previous review or broader policy needs. The informally termed ‘2026 EU ETS review’ has been prompted by a mix of both motivations: some formal review deadlines on certain sub-sections of the EU ETS Directive and a need to review the complete system in response to the EU’s heavily-debated 2040 carbon target.

The review will also act as the primary checkpoint ahead of the transition to Phase V of the EU ETS which begins in 2031. The previous EU ETS review in 2021 was launched in response to a pair of policy events:

  1. The  European Green Deal in 2019, where the EU politically committed to net zero by 2050 
  2. The adoption of this agreement into European Climate Law in 2021. Subsequently, the 2021 EU ETS review kicked off later that year with agreed changes entering into force in 2023 as part of the EU’s “Fit for 55” package

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