A landmark agreement on the reform of the EU Emission Trading Scheme for the post-2020 phase was reached in November by the member state negotiators and the EU institutions. The ETS is a pan-EU carbon pricing system aimed at reducing greenhouse gas emissions in line with EU targets through the trading of emission allowances. However, the system's effectiveness has been called into question due to the weak price signals it provided. Whilst the reform strikes a balance between the need to tackle the excess allowances that compromised the past phase and guarantee some level of protection for European industry, many insist that the EU ETS alone is not enough and that additional measures will remain a necessary complement to put the EU on track with its climate ambitions. This Policy Dialogue discussed the content of the agreement on the next ETS phase, whether the reformed ETS is consistent with the Paris agreement and potential additional measures needed to achieve climate goals.

Speakers included: Annika Hedberg, Senior Policy Analyst, European Policy Centre, Julie Girling, Member of the European Parliament, Peter Zapfel, Head of Unit for ETS Policy Developments and Auctioning DG Climate Action,European Commission, José Arceluz, Head of Energy and Climate Action, Iberdrola, Sam Van Den Plas, Senior Policy Officer, WWF European Policy Office, Peter Botschek, Director, Energy and Climate Action, Cefic