The ‘fit for 55’ package contains four proposals to raise the ambition of the EU ETS, improve its functioning, broaden its scope to maritime transport, road transport and buildings, and provide for the participation of airlines in the international CORSIA offsetting scheme. These are complemented by proposals for a carbon border adjustment mechanism to safeguard international competitiveness by pricing the carbon emissions of imports, and for a social climate fund to address the social impacts of extending the EU ETS to road transport and buildings.
1. Financing of the social climate fund would come from revenues from the new ETS for transport and buildings.
2. The amount of carbon border adjustment depends on the phasing-out of free allowances in the EU ETS.
3. Allocation of free ETS allowances depends on operators’ compliance with the requirements of the EED.
4. The existing Regulation on monitoring, reporting and verification of maritime transport emissions (the Shipping MRV Regulation) is amended to align with the extension of the ETS to maritime transport.
5. Both proposals concern aviation in the EU ETS and implementation of the international CORSIA system. The second proposal ensures that Member States notify airlines of CORSIA obligations for 2021.
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