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Fit for 55 package

Briefing 06-03-2024

The 'fit for 55' package of July and December 2021 was designed to realise the European Climate Law objectives: climate neutrality by 2050 and a 55 % reduction of net greenhouse gas (GHG) emissions by 2030, compared with 1990 levels. It consisted of 13 interlinked proposals to revise existing EU climate and energy laws, and six new legislative proposals. All proposals, except the Energy Taxation Directive, have been adopted or agreed by the European Parliament and the Council of the EU. The package ...

Carbon border adjustment mechanism

At a Glance 30-11-2023

The carbon border adjustment mechanism (CBAM) puts a price on the carbon emissions of goods imported into the EU, thus levelling the playing field between EU industry, which is subject to a carbon price in the EU emissions trading system (EU ETS), and foreign producers in countries that do not have an equivalent system in place.

On 22 December 2021, the European Commission announced its proposal for the introduction of new own resources. The underlying objective is to decrease the share of own resources based on gross national income (GNI) in the revenue mix while preserving existing long-term EU policy commitments. The initiative also seeks to secure the necessary resources to cover new budgetary expenditures, such as the repayments of the debt arising from the Next Generation EU recovery fund and the recently adopted Social ...

As part of the 'fit for 55' package, the Commission proposed a revision to the EU's emissions trading system (ETS) as regards carbon dioxide emissions from aviation. The proposal sought to ensure that the sector contributes to the EU's climate targets through increased auctioning of allowances, with an end to free allowances from 2027, and by applying the linear reduction of aviation allowances. The proposal would also integrate, into the revised ETS, the International Civil Aviation Organization's ...

As part of the 'Fit for 55' package, the European Commission presented a legislative proposal to review the EU Emissions Trading System (ETS). The aim of the review is to align the EU ETS Directive with the EU targets set out in the European Climate Law. To this end, the amount of emission allowances would be reduced, fewer allowances would be allocated for free, and the ETS would be extended to maritime transport. A separate new emissions trading system would be established for fuel distribution ...

The proposal to revise the market stability reserve (MSR) for the EU emissions trading system (ETS) consists of prolonging its current parameters. Under the current rules, the intake rate of allowances to the MSR and the minimum allowances placed in the reserve have been doubled until the end of 2023, to allow for a quick removal of surplus EU ETS allowances. The proposal is aimed at maintaining the current doubled intake rate (24 %) and minimum number of allowances placed in the reserve (200 million ...

Statistical own resources could be devised to create more independence from the Gross National Income (GNI) contribution and address policy issues at the same time. Statistical own resources should practically be based on information already collected by Eurostat. Therefore, Member States do not have to provide new data. The base and call-rate of a policy-linked statistical contribution could be designed and fine-tuned to entail deliberate distributive implications among Member States. This could ...

Social climate fund

At a Glance 12-04-2023

The social climate fund (SCF) was proposed by the European Commission as part of the 'fit for 55' package, to support the most vulnerable citizens and companies affected by the extension of the EU emissions trading system (ETS) to the buildings and road transport sectors. The SCF would be partially financed from future ETS revenues, and used for direct income support and investment in energy efficiency-related building renovations and sustainable transport. A provisional agreement was reached by ...

Review of the EU ETS: Fit for 55

At a Glance 12-04-2023

On 14 July 2021, as part of the 'fit for 55' package, the European Commission presented a legislative proposal for a revision of the EU emissions trading system (ETS), to align it with the target set in the European Climate Law of a 55 % reduction in EU net greenhouse gas (GHG) emissions by 2030, compared with 1990 levels. A trilogue agreement, reached in December 2022, is scheduled to be put to the vote during the April 2023 plenary session.

EU carbon border adjustment mechanism

At a Glance 12-04-2023

The European Commission's carbon border adjustment mechanism (CBAM) proposal was designed to level the playing field between EU and third-country producers, by putting a carbon price on certain imported products, while phasing out free allocation of emissions allowances to European industry. On 22 June 2022, the European Parliament adopted its position, with significant amendments to the original proposal. A provisional agreement was reached on 13 December 2022, and Parliament's vote on the text ...