Eurofer opposes cuts to emissions allocations, supports complementary CBAM-ETS

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.
The EU Climate Law, recently endorsed by the EU authorities, sets the goal to reduce emissions by 55% by 2030 compared with 1990 levels, and to achieve climate neutrality by 2050.
That political ambition will be made clear in a raft of legislation set to formally emerge on July 14 in the form of the "Fit for 55" package.

This will include: revision of the ETS and CBAM; revision of the Energy Tax Directive (ETD); amendments to the Renewable Energy and Energy...

Gold stocks rocket to new highs, valuations no longer inexpensive

Tariff issue caused by potential definition change of traded gold bars

US BLS head removed after revisions to employment data

Gold stocks down even as metal price rises

Copper market distortions driven by new US tariff policies