00:01Spring is coming to Brussels, but all your reporter hears when he goes outside is...
00:10And that is because 10 EU countries are in open revolt against the bloc's flagship climate policy.
00:16But hold on, what actually is the ETS?
00:19And why is there such a massive backlash against it?
00:23ETS, so emissions trading system, is essentially Europe's carbon market.
00:28And it works on a simple polluter pays principle.
00:31Heavy industries, power plants and airlines must buy allowances to cover the carbon they emit into the atmosphere.
00:39It is used for two main goals.
00:41To force companies to cut their greenhouse emissions.
00:45And to push them to invest in sustainable green technologies.
00:49In the last 20 years, the ETS has slashed greenhouse gas emissions by 39%.
00:54And has generated over 260 billion euros to fund clean energy.
01:00But 10 member states, including Italy, Poland and Austria, say the system is moving too fast.
01:06Italian industry minister Adolfo Urso even called the ETS a tax with a perverse effect.
01:12Warning it prevents Europe from competing globally.
01:15And critics argue that with energy prices already soaring from the war in Iran.
01:22Adding high carbon costs creates an existential risk for European businesses.
01:26And here is an example.
01:28The chemical sector alone reports that over 100 facilities have shut down.
01:33Wiping out 75,000 jobs.
01:35And that is why Italy is pushing to suspend the system entirely.
01:40And the rest demand the EU extend free carbon allowances beyond 2034.
01:45Look, I know all of that sounds a bit technical.
01:48But one thing is clear.
01:50The energy transition is no longer just a climate goal.
01:54It has become a battle for European security.
01:57An industrial survival.
01:58It has become a battle for European people.
01:591
Comments