Petrochemicals Europe welcomes rejection by Council of EU ETS tiered approach
The EU Council carried out this week negotiations on the Emissions Trading System (ETS). Petrochemicals Europe welcomes the decision of Environment Ministers to reject the discriminatory tiered approach, which would have especially had a detrimental impact on the crackers in the petrochemical industry.
It could indeed have cost around €400 – 500 million per year from 2021 to the European petrochemicals industry alone. The petrochemical Industry urges the EU Council to expand the auction volume flexibility.
Petrochemicals Europe also supports Cefic’s call on the European Parliament and Member States to safeguard industry’s ability to invest and innovate, and provide their part of the EU innovation fund.