In 2015, the European Commission tabled a legislative proposal to revise the European Emission Trading System (EU ETS) for the IV trading phase (2021 – 2030). EU ETS is the corner stone of Europe’s climate and energy policies, but it can only retain this status if it begins to demonstrate its ability to send an effective CO2 price signal to the market. Since its inception, due to a series of economic, regulatory and market factors, the ETS has struggled to deliver on this basic ambition. Urgent reform is required.
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