Last week, the Commission’s proposal for a temporary market correction mechanism with a price ceiling of €275 was announced, leaving many unhappy with the severe conditions for the mechanism to apply.
This week, the proposal for a carbon removal certification scheme was announced contemplating three different ways: carbon farming, permanent storage and carbon storage in long-lasting materials. However, the legislative text has left many questions unanswered, and several groups have already accused the proposal of greenwashing and disadvantaging farmers and forestry actors who already operate under sustainable schemes. Additionally, the Parliament announced yesterday a preliminary agreement within the EU bodies to include greenhouse gas emissions from shipping in the EU ETS, covering methane. The agreement, which presents opportunities for offshore wind and hydrogen, will be further discussed next month.
Week ahead, ELS Analysis keeps its eyes on next week’s Energy Council meeting, planned on discussing the TEN-T Regulation and the REFuelEU Aviation initiative.