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New policy brief: The European Central Carbon Bank (ECCB) – a governance solution for the future EU ETS
The KOBiZE/CAKE expert team presented new policy brief analysing the concept of establishing the European Central Carbon Bank – an independent institution that would manage the supply of emission allowances (EUAs), carbon dioxide removals (CDRs), and high-quality international offsets under the EU ETS.
Policy brief: Introducing the ECCB as the new institution to manage the future EU carbon market (799.8 KiB, 69 hits)
The EU ETS is entering a new phase of evolution: permanent EUA scarcity, political visibility, and integration of complex mechanisms like ETS2, carbon dioxide removals (CDRs), and international offsets. These changes challenge the adequacy of existing institutions and governance tools. In response, the CAKE/KOBiZE team proposes the creation of the European Central Carbon Bank (ECCB) – an independent body modeled after a central bank, designed to stabilize the carbon market and manage supply across an increasingly complex system.
Key features of the ECCB concept:
- Supply and liquidity management – ECCB would dynamically regulate the management of EUAs, removals and offsets to maintain market stability and investor confidence.
- Replacing outdated mechanisms – It could eventually replace current tools like the Market Stability Reserve (MSR) and Article 29a of the ETS Directive.
- Global integration – ECCB could serve as a platform for linking with international carbon markets and coordinating the purchase of high-integrity offsets under the Paris Agreement (Article 6).
- Climate finance channel – Revenues could be reinvested via green investment funds or allocated to international mitigation and EU Member States’ transition efforts.
- Independence and accountability – The ECCB would operate independently but with clear reporting and governance oversight (like other banks).
Recommendations
- Include ECCB in the 2026 EU ETS review
- Launch an impact assessment and feasibility study
- Involve stakeholders from Member States, industry and civil society
- Prepare legal reforms to operationalise ECCB before 2030,
If you have any questions, please contact cake@kobize.pl.
