Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy - uprawnienia do emisji i powiązane instrumenty pochodne

28 March 2022

ESMA70-445-38

Final Report

Emission allowances and associated derivatives

1 Executive Summary

Reasons for publication

The European Emission Trading System (ETS) is a key tool of the EU policy against climate change. It puts a price on the CO2 that entities subject to compliance obligations can release to the atmosphere, with the overall objective of reducing net greenhouse gas emissions. In its Communication on Energy Prices “Tackling rising energy prices: a toolbox for action and support”, published on 13 October 2021, the European Commission highlights that questions have emerged around the functioning of the European carbon market. In order to examine more closely patterns of trading behaviours and the potential need for targeted actions, the Commission asked ESMA for a first preliminary assessment of European carbon markets by 15 November and tasked it to analyse, by early 2022, the trading of emission allowances. Following the publication of its Preliminary Report on...