17.07.2026 – "The European Emissions Trading System is already the most powerful climate policy instrument. From the perspective of the economy, it should remain central to European and national energy policies. To deploy its full effect, it must be more international, innovative, and cost-efficient. The EU Commission proposals lay important groundwork for achieving this. If implemented as drafted, they will provide industry and power stations with a feasible path to emission reductions while strengthening protection against carbon leakage, meaning the outsourcing of emissions abroad.

A particularly positive aspect is that CO₂ certificates should be auctioned beyond 2039. This step is overdue, as the current reduction trajectory is too steep and the early expiration of certificates inappropriate regarding the climate target for 2050. The proposal balances climate protection and competitiveness: frontrunners are not disadvantaged, the CO₂ price retains its incentivising impact, and most companies gain time for successful transformation.

It is also correct to grant free allocations of certificates longer than previously planned. The CO₂ Border Adjustment Mechanism (CBAM) does not yet fully compensate for rising CO₂ costs, is patchy, and incurs high administrative costs. However, linking free allocations to additional investment obligations diminishes their relief effect and carbon leakage protection. Requirements, for instance, concerning the location and quality of investments or repayment risks, threaten to become impractical – here, prudence is essential. Conversely, it is reasonable for member states to channel their national ETS revenues more strongly into the necessary energy infrastructure. As long as power grids, hydrogen infrastructure, transport, and storage solutions for CO₂ are not adequately available, companies cannot implement their transformation.

Additional flexibility arises from recognising international climate protection certificates. The planned integration of permanent CO₂ removals into the ETS through supplementary certificates is an important step that makes climate protection more efficient and enhances the competitiveness of the European economy."