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ARTICLE · 29 MAY 2023

EU Tax Alert 200

Loyens & Loeff
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European Parliament approves EU Emission Trading System reform and new EU Carbon Border Adjustment Mechanism

European UnionTax
Juan Manuel Vázquez
Juan Manuel Vázquez
Daan Both
Daan Both
Liselot Bakker
Liselot Bakker
Gino Sparidis
Gino Sparidis
Bram Middelburg
Bram Middelburg
Emma Van Doornik
Emma Van Doornik
Bruce Van Schaik
Bruce Van Schaik

Highlights in this edition

European Parliament approves EU Emission Trading System reform and new EU Carbon Border Adjustment Mechanism

On 18 April 2023, the European Parliament approved important components for the 'Fit for 55' legislative package, which includes a reform of the EU Emissions Trading System (ETS) and the creation of the EU Carbon Border Adjustment Mechanism (CBAM).

The ETS will see a significant change in the phase-out of free allowances, which will take place between 2026 and 2034. The revisions will also increase the overall goal for emissions reductions to 62% by 2030 compared to 2005 levels, and increase the annual reduction rate of the cap to 4.3% from 2024 to 2027, and 4.4% from 2028 to 2030. The EU ETS will be extended to maritime transport and include non-CO2 emissions such as methane and nitrous oxide. A new EU Social Climate Fund will be established in 2026 to support vulnerable households and micro-enterprises.

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