EUROFER Engage | Webinar - Making sense of EU climate policy.

In 2021, the EU is not only working out how to put an effective Carbon Border Adjustment Mechanism (CBAM) into place, but is also looking at how to reshape the EU Emissions Trading System in line with the EU Climate Law and its 55% 2030 target, promulgated in 2020.

The European steel industry is committed to contributing to EU’s climate and energy goals and European companies have been launching several projects to reduce emissions deeply. Yet, the successful implementation of such projects requires a comprehensive and supportive regulatory framework, including funding support, access to low carbon energy sources at internationally competitive prices and de-risking instruments such as contracts for difference.

Higher climate ambition requires strengthened carbon leakage measures, in particular for sectors at highest risk, such as steel – not their weakening. A CBAM might provide this strengthened carbon leakage protection, but only if it complements free allocation at the level of the current benchmarks and addresses the shortcomings of the existing measures for a transition period. This transition period should run until a market for ‘green’ steel is fully formed.

This webinar will discuss the implications of the EU’s latest moves on the steel industry, as well as how the CBAM should be implemented and its effects on the rest of EU climate legislation.

EUROFER’s views on how steel can support the EU’s climate objectives will also be presented – showing that the steel is well placed to help meet the EU’s climate objectives in the right circumstances.