Attempts to overhaul the EU Emissions Trading System have entered a crunch period as the European Parliament and European Council aim to finalise their negotiating positions by the end of June. The EU Parliament rejected draft legislation proposed by lawmakers in its plenary vote on June 8, but is preparing for a second vote on June 22. EU ETS revisions are being considered against a backdrop of very high energy prices, surging inflation and a military conflict on Europe’s eastern flank. S&P Global Commodity Insights' Frank Watson and Michael Evans take a deep dive into the key elements in the negotiations and why they matter for carbon prices and other energy commodity markets in Europe.

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