On March 18th, economic, social and climate scientists wrote an open letter (only in German) to German Chancellor Angela Merkel in support of structural reforms to the EU-ETS. The letter signed by 40 top scholars – from schools with strong programs focused on climate change, ranging from the University of California at Berkeley, the Helmholtz Center for Environment Research, the Free University of Berlin and Plymouth University, to name a few – criticized the lack of attention and a lack of a clear position given by the German federal government to Europe’s key framework to achieve its emission reduction targets.
The letter stated that reforms to the ETS are of “fundamental importance” for Europe’s climate policy and the German energy transition. Furthermore, the letter called for urgent action. “Structural reforms of emissions trading are necessary to create long-term shortage of emission certificates, and thus a more efficient framework for climate-friendly investments,” specified the letter.
The group of scholars strongly supported the momentary policy of back loading 900,000 million allowances from the system calling it “necessary” to restore confidence in the emissions trading scheme and to gain time for long-term, structural reforms.
Of great concern is also how the EU-ETS is seen internationally. The letter noted, that if the EU-ETS is not reformed, Europe will lose credibility in future international cooperation projects. This rings true especially with carbon markets being developed in several provinces of China, South Korea, Australia, New Zealand and a few states in the US.
If you would like to compensate for your emissions, click here!