EC Vice President: Ukraine should consider creating ETS system with right carbon price

Ukraine should consider adopting a roadmap that will guide its efforts to create an efficient emissions trading system with the right carbon price, Vice-President of the European Commission for Interinstitutional Relations and Foresight Maroš Šefčovič has said.

"In the EU we use a market mechanism where the price is governed by supply and demand. The current price is EUR 55 per tonne of CO2. High carbon price creates an incentive for our industry to use clean technologies, and implement energy efficiency measures and so on and so forth. We recognize and appreciate that the point of departure for Ukraine is different than for EU Member States. Nobody expects Ukraine to reach this price level now. Ukraine, should however consider adopting a roadmap that would guide its efforts to establish its effective ETS system with the right carbon price," Šefčovič told Interfax-Ukraine.

He said that he appreciates Ukraine's efforts in the field of green transformation.

"I can totally associate and relate to Ukraine because I am your neighbor, I am from Slovakia. So I know that industrial transformation and the green and digital transitions are complex. And on the top it you have huge tension at your Eastern border. So I appreciate your efforts in this area," Šefčovič said.

The vice-president of the European Commission said that at the Climate change conference in Glasgow, including Ukraine, should revise climate targets upwards.

"At the Climate change conference in Glasgow (COP 26) the whole world, every country will be. What we believe is necessary – revising the climate goals upwards. So I understand that Ukraine is also considering to increase the ambition from minus 40% to more ambitious target. I understand that also there are clear intentions to cut energy generated from coal and increase to 20% energy produced by renewable energy sources. These are all very important goals," he said.

Source: www.en.interfax.com.ua