In July 2026, the European Commission tabled a long-awaited proposal to revise the EU Emissions Trading System (EU ETS). The ETS is one of the most important pillars of the European Green Deal and aims to reduce greenhouse gas emissions. The EU ETS was established in 2003 (EU ETS Directive), has evolved into a key instrument for achieving the EU's cliamte objectives. The current system is designed to reduce net greenhouse gas (GHG) emissions by at least 55% by 2030, compared