| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 110, Pages 21-24 |
| Publication Date | 25/04/2023 |
| Content Type | Legislation, Policy-making |
Summary:Decision (EU) 2023/852 - formally adopted by the co-legislators on 19 April 2023 - introducing amendments to Decision (EU) 2015/1814 as regards the number of allowances to be placed in the Market Stability Reserve (MSR) for the European Union's (EU) greenhouse gas emission trading system (EU ETS) until 2030. This is a text with EEA relevance. Further information:Decision (EU) 2015/1814 established and laid out the rules for the operation of a Market Stability Reserve (MSR). The MSR was designed to address the market imbalance of the EU ETS and improve its resilience to future unexpected and sudden demand shocks. It has been operational since 2019. The Communication setting out the European Green Deal from December 2019 introduced a new growth strategy for the European Union (EU). It reaffirmed the European Commission's ambition to increase its climate targets and achieve climate neutrality by 2050. These targets were further updated in September 2020 in the Climate Target Plan, which became legally binding with the European Climate Law. The Fit for 55 legislative package was the result of the review carried out by the Commission on the EU's climate and energy legislation in view of the targets adopted in the meantime. The revision of the framework establishing the MSR arose from proposed modifications to the EU ETS in the context of Fit for 55, external factors affecting supply and demand, as well as the requirement that the European Commission reviews the functioning of the instrument. The Decision prolongs beyond 2023 the increased annual intake rate of allowances. The draft law was adopted by the European Commission on 14 July 2021, as part of the Fit for 55 legislative package. The plenary of the European Parliament endorsed a negotiating position on 5 April 2022. The Council of the European Union adopted its general approach to the file on 25 June. An informal agreement between the co-legislators on a compromise text for this draft law was reached on 18 December. This was formally endorsed by the Parliament on 14 March and by the Council on 28 March. The Act was signed by the co-legislators on 19 April 2023 and published in the Official Journal on 25 April 2023. |
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| Source Link | Link to Main Source http://data.europa.eu/eli/dec/2023/852/oj |
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| Subject Categories | Environment, Internal Markets |
| Subject Tags | Atmospheric | Air Pollution, Climate Change |
| Keywords | Emissions Trading System | EU ETS Scheme, Greenhouse Gas | GHG Emissions |
| International Organisations | European Union [EU] |
