European Union

The EU’s at least 55% net reduction target by 2030 is to be achieved through domestic measures only, without contribution from international credits ... The EU is continuing to explore the possibilities to link the EU ETS with other robust emissions trading systems. The EU will account for its cooperation through the EU ETS with these and any other Parties in a manner consistent with the guidance adopted by CMA1 and any further guidance agreed by the CMA.

In order to facilitate the achievement of the EU 2040 target an adequate contribution towards the 2040 target of high quality international credits under Article 6 of the Paris Agreement in a way that is both ambitious and cost-efficient, supporting the EU and third countries in achieving net GHG reduction trajectories compatible with the Paris Agreement objective to hold the increase in the global average temperature to well below 2 °C and pursue efforts to limit the temperature increase to 1.5 °C above pre-industrial levels - the origin, quality criteria and other conditions concerning the acquisition and use of any such credits shall be regulated in EU law.Norway, Iceland and Liechtenstein have been participating in the EU ETS1 since 2008, and an agreement linking the EU and Swiss ETS entered into force in 2020. The EU is continuing to explore the possibilities to link the EU ETS with other robust ETS. The EU will account for its cooperation through the EU ETS with these and any other Parties in a manner consistent with the guidance adopted by the CMA.