Proposed Summer Package detrimental for Central European countries?

On the 15th of July, the European Commission published its ‘Summer Package of Proposals’ - an attempt to transpose the goals set out in the 2030 Climate and Energy Policy Framework brought to light during the European Council Summit in Brussels, in October, 2014. Its most vital part is the proposal for a revision of the EU’s Emissions Trading System. Following the back-loading regulations, finalised at the end of 2013, and after the adoption of the Market Stability Reserve (MSR), it represents the last piece of the puzzle to reform the ETS, and ensure its seamless functioning after the year, 2020. Introduced back in 2005, the scheme operates as a ‘cap-and-trade’ system, setting a limit to the maximum amount of the greenhouse gases that can be released into the atmosphere. As of 2013, it covered more than 12,000 installations, collectively responsible for approximately 45% of EU-wide emissions. Summarising the motions included in the new proposal, it advocates for: An increase in the number of allowances withdrawn from the Emission Trading Scheme from 1.74 % to 2% a year New rules for inclusion in the carbon leakage list, translating into a much shorter list. A more targeted benchmark system updated twice during the trading period, with a 1% flat rate of emissions decline imposed annually. A new funding scheme to promote innovation A new Modernisation Fund for low-income Member States providing compensation for the modernisation of their energy and energy-intensive industries. Although the proposition may look as though it touches some of the right notes - addressing the risk of exodus of industrial plants out of Europe, providing funding for [...]

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