European steel association Eurofer has called for the Carbon Border Adjustment Mechanism (CBAM) and the EU Emissions Trading System (ETS) to be balancing mechanisms without any further reductions in free emissions allocations, it said on Tuesday July 13.
"In line with the March 2021 European Parliament vote, Eurofer calls for the CBAM and EU ETS to be complementary systems, without any further reduction in free allocation below the benchmark level, and compensation of indirect CO2 costs until the first industrial decarbonization projects have been upscaled and work properly," the association said.This will include: revision of the ETS and CBAM; revision of the Energy Tax Directive (ETD); amendments to the Renewable Energy and Energy...