A phase out, although less severe
EUROPE: As expected, the protracted European F-gas revision negotiations have delayed the imposition of the proposed new quota amounts under the new phase-out timetable until 2025.
The recently agreed revision proposal document, which is due to be put to a parliamentary vote in November, confirms that the next big quota step down, originally scheduled for 1 January 2024 has now been put back to 1 January 2025.
As previously reported, a major change is that the phase down has now become a phase out. While the Commission’s original revision document allowed for 4.2MtCO2e from 2048 onwards, the new proposals seek a complete phase out in 2050.
The new document introduces a slightly more relaxed phase down in the early years than the original European Commission proposals, which sought a near 50% phased down from current quota levels next year to 41.7MtCO2e. The new proposals provide for a slightly higher allowance of 42.9MtCO2e.
Similarly, the severe cut in 2027 proposed by the Commission has also been relaxed slightly from 17.7MtCO2e to 21.7MtCO2e.
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