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CAKE at CEPI ETS Issue Group
On 17.10.2024, Maciej Pyrka our CAKE expert had the opportunity to present the key analyses of LIFE VIIEW 2050 entitled. ‘VIIEW on EU ETS 2050: Exploring synergies between the EU ETS and other EU climate policy measures – carbon removal, hydrogen, and sectoral transport policy’, at a meeting of the Cepi ETS Issue Group (Confederation of European Paper Industry).
Presentation presented by Maciej Pyrka focused on a critical topic – the inclusion of negative emissions into hasztagEUETS and the need to address residual hasztagemissions that may persist even after full implementation of the EU’s climate policies.
Maciej Pyrka highlighted several essential recommendations for reforming the hasztagEUETS to ensure it continues to play a central role in EU climate policy. These potential reforms include:
- Expanding the system to cover new sectors;
- Introducing carbon dioxide removal (CDR) mechanisms;
- Possible establishment of a new institution, a European Carbon Central Bank to stabilize the CO2 market.
A key takeaway from the session was the indispensable role that carbon removals will play in achieving the EU’s climate neutrality goals by 2050. Without large-scale deployment of carbon removal technologies, residual emissions could significantly raise the cost of emissions reduction in other sectors, which might destabilize the broader economy.
The discussion also touched on the broader international context, as Europe strives to meet increasingly ambitious climate targets. In light of the European Commission’s recent recommendations for a 90% reduction in net greenhouse gas emissions by 2040, the analyses conducted by CAKE are vital in charting an efficient and economically viable path forward.
