Inconvenient Chats

IC21: What is happening to the EU's emissions trading scheme?

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This week, we talk about arguably the most successful climate regulation in the EU: the emissions trading schemed and how a few political comments managed to drop the price of CO2/ton nearly 10%. We discuss what happened, what the ETS has achieved so far (and why it will still not be enough), and what the planned review later this year promises.

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Sources

  • Reuters (12-Feb-26), EU carbon prices slip as leaders suggest intervening in market (https://www.reuters.com/business/benchmark-eu-carbon-contract-falls-7-intervention-risk-2026-02-12/))
  • EC, EU ETS (https://climate.ec.europa.eu/eu-action/carbon-markets/eu-emissions-trading-system-eu-ets_en))
  • EC, EU Climate Action Progress Report 2025, Chapter 2 - The EU Emission Trading System (https://climate.ec.europa.eu/eu-action/climate-strategies-targets/progress-climate-action/eu-climate-action-progress-report-2025/chapter-2-eu-emission-trading-system_en))
  • EC, How do Member States use ETS revenues? (https://climate.ec.europa.eu/eu-action/carbon-markets/eu-emissions-trading-system-eu-ets/how-do-member-states-use-ets-revenues_en))
  • Reuters (10-Feb-26), EU weighs overhaul of industry's free permits in carbon market reform (https://www.reuters.com/sustainability/boards-policy-regulation/eu-weighs-overhaul-industrys-free-permits-carbon-market-reform-2026-02-10))
  • EEA (25-Feb-26), Zero-pollution, decarbonisation, and circular economy in energy-intensive industries (https://www.eea.europa.eu/en/analysis/publications/zero-pollution-decarbonisation-and-circular-economy-in-energy-intensive-industries))
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    Inconvenient ChatsBy Kaisa Virolainen & Jan Kleine