CAKE took part in European Climate Summit 2023

CAKE took part in European Climate Summit 2023

CAKE took part in European Climate Summit 2023

European Climate Summit 2023 event organized by the International Emissions Trading Association (IETA) were held on the 28-30 March 2023 in Lisbon. Robert Jeszke, CEO of the CAKE also took part in the meeting  in the 1st Plenary Session – „The EU ETS by 2030 and Beyond”.

The discussion focused on the “FitFor55” package, carbon border taxation, established new funds to drive the lowcarbon transition and the future of EU’s new climate targets for 2040 to be proposed next year. The main questions addressed to speakers concerned:

• How will the EUETS evolve by 2030 and beyond?
• Is further ETS sector expansion inevitable?
• What are the key challenges with the EUETS cap reaching zero by 2040?

Among the distinguished speakers were:

• Ewa Krukowska, Bloomberg as a moderator
• Beatriz Yordi, Director, DG Climate Action – European Commission
• Peter Liese, Member of the European Parliament, Rapporteur on EU ETS Review
• Stefano De Clara, Head of Secretariat – International Carbon Action Partnership (ICAP)
• Nuno LACASTA, Executive Board President – Portuguese Environment Agency
• Kavita Ahluwalia, Vice President and Head of Global Positioning – Uniper & Co-Chair, IETA EU Working Group

Robert Jeszke said the stricter LRF and MSR will lead to lack of new EUA’s in 2040 (no auctions). The EUETS we see now will come to the end in 2040. The question is if we still want ETS as a main driver for emission reduction in 2030 or focus on taxation/saparate ETS’s. CAKE has been finishing a huge LIFEVIIEW2050 analysis on extending the scope of EUETS and its impact on EU economy to 2050. One of the results is ETS2 abatement costs would be much more higher than in EUETS after 2030 and push pressure on EUA’s after merging both systems. 

Link to video: European Climate Summit (ECS 2023) – DAY 1 (ieta.org)