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 current EU ETS was designed in 2003 (EU ETS Directive) to deliver the 2030 climate target reduction of at least 55 % net GHG emissions, and become climate neutral by 2050 (net-zero GHG emissions). The revision aims to update the ETS to al