The European Parliament has supported the bills on the reform of the Carbon Border Adjustment Mechanisms (CBAM), the EU Emissions Trading Scheme (ETS) and the Social Climate Fund, which are part of the Fit for 55 package, a press release on the website of the European Parliament reads.
Parliament is now ready to begin negotiations with the EU government on the final text of these laws.
“The package is an important step towards the EU’s goal of becoming independent from expensive and polluting fossil fuels from Russia well ahead of 2030,” the statement said.
Parliament wants to incentivise industries to further reduce their emissions and invest in low-carbon technologies. The ETS should be reformed accordingly, to include:
MEPs call for a broader scope and faster implementation of the CBAM to prevent carbon leakage and raise global climate ambition, including:
Parliament agrees with the creation of a Social Climate Fund to help those most affected by energy and mobility poverty cope with the increased costs of the energy transition. The SCF should support:
The EU intends to reduce CO2 emissions by 55% by 2030 to achieve climate neutrality by 2050. To this end, the European Commission has presented a large-scale program to fight climate change “Fit for 55” for the implementation of the CBAM mechanism.
The European Commission estimates additional revenues over the period 2026-2030 from the introduction of CBAM at €1 billion per year. Budget revenues from CBAM, emissions trading and corporate income tax are estimated at a total of €17 billion per year.
According to the GMK Center, a third of Ukrainian exports to the EU may fall under CBAM. In general, the decline in exports of mining and metals industry of Ukraine due to the introduction of the EU mechanism is estimated at €200 million per year. The protective measure may lead to the cessation of exports of Ukrainian pig iron and a decrease in exports of long products by 10%.
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