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REGULATORY ASSISTANCE PROJECT THE PERFECT FIT | 27 4.1.1 Revision of the EU ETS directive What are the current EU proposals? Proposals for the revision of the ETS directive would deliver a second ETS (‘ETS 2’) covering direct emissions from fuels used in buildings and road transport, separate from the existing system (‘ETS 1’), which already covers emissions from electricity production.32 The ETS 2 proposals would: • Regulate fuel suppliers (not end-users) to obtain allowances to cover the carbon dioxide emissions associated with their fuel sales; • Begin in 2025, with a cap on emissions in effect from 2026; • Set a cap with a trajectory that reduces annual emissions to 43% of 2005 levels by 2030; • Auction all allowances (i.e. no free allocation); • Frontload a proportion of allowances and set up a market stability reserve to help manage the risk of excessive price increases; and • The European Commission proposes to capture 25% of the total revenues as EU ‘own resources’ to feed a new social climate fund, and requires Member States to use the remaining auction revenues for measures to support the decarbonisation of buildings and transport and, in part, address the social aspects of ETS 2. How would these proposals affect heat pumps? The proposals would put an EU-wide carbon price on fossil fuels used for heating in small heating installations, in the same way that ETS 1 already puts a carbon price on electricity and heat produced in large combustion plants (e.g. power plants, CHP, and heat-only installations). This price would go some way towards addressing the imbalance in costs between high-carbon and low-carbon heating fuels, internalizing a cost of carbon into all the heating fuel prices faced by end-users. In combination with other price reforms (see Section 3.1.2 below), an increase in the price of fossil fuels relative to electricity would make heat pumps more attractive as an investment, as the payback period over which investment costs are recouped would be reduced. This means that some building owners may install heat pumps that otherwise would not have met their investment criteria. Carbon pricing can also work in a complementary way with other policy measures. ETS auction revenues provide funding that can be used to compensate households in energy poverty affected by the carbon price and provide subsidies to offset the upfront costs of heat pumps and building retrofit 32 European Commission. (2021a). Proposal for Directive of the European Parliament and of the Council amending Directive 2003/87/EC establishing a system for greenhouse gas emission allowance trading within the Union, Decision (EU) 2015/1814 concerning the establishment and operation of a market stability reserve for the Union greenhouse gas emission trading scheme and Regulation (EU) 2015/757. https://ec.europa.eu/info/sites/default/files/revision-eu-ets_with- annex_en_0.pdfPDF Image | RAP Perfect Fit Heat Pump
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