Discover and read the best of Twitter Threads about #modernisationfund
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Earlier today, #EU agreed on a badly needed reform of the EU Emissions Trading System (#EUETS) which is the system of cap-and-trade of #carbonemissions allowances for #energyintensive industries and the #powergeneration sector. The most critical points are:
1. Agreement to make it compulsory for #EU members to dedicate all their auctioning revenues to #climateaction #investments
2. Sectors covered by the Carbon Border Adjustment Mechanism (recently agreed #EU #carbon import tax) such as #cement, #aluminium, #fertilisers, #electricty production, #hydrogen, #iron and #steel, will see an end to free #allowances for these sectors between 2026 and 2034
@EU_Commission presented its #ownresources proposal today. It lays out 3 new revenue streams to:
- repay EU debt #NextGenerationEU
- finance the #SocialClimateFund
A short thread on what it means for #EUETS contributions based on some initial rough calculations š§µ1/13
- repay EU debt #NextGenerationEU
- finance the #SocialClimateFund
A short thread on what it means for #EUETS contributions based on some initial rough calculations š§µ1/13
First things first. 3 proposed new revenue streams are:
- 25% ETS (1+2) revenues: ~12.5b/y
- 75% CBAM revenues: ~0.8b/y
- 15% residual profits from large, profitable multinational enterprises: ~2.5-4b/y
2/13
ec.europa.eu/info/publicatiā¦
- 25% ETS (1+2) revenues: ~12.5b/y
- 75% CBAM revenues: ~0.8b/y
- 15% residual profits from large, profitable multinational enterprises: ~2.5-4b/y
2/13
ec.europa.eu/info/publicatiā¦
On #CBAM, this was obviously expected; still disappointing. Many (including @e3g) argue that revenues should flow back to vulnerable #LDCs through adaptation and mitigation finance.
@Europarl_EN also seems keen on this @MChahim @kvanbrempt @MalinBjork_EU @KarinKarlsbro 3/13
@Europarl_EN also seems keen on this @MChahim @kvanbrempt @MalinBjork_EU @KarinKarlsbro 3/13
