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Russia's invasion of Ukraine has cemented the European Union's commitment to carbon pricing

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  • Jacob Funk Kirkegaard

    (Peterson Institute for International Economics)

Abstract

The European Union managed to overcome Russian energy blackmail in 2022 and used the political motivation from this national security crisis to accelerate its decarbonization process. The planned dramatic increase in the scope of carbon pricing in the European Union can herald the total decarbonization of sectors covered in the EU Emissions Trading System and expand into important new ones. The interplay between the EU carbon border adjustment mechanism (CBAM) and the US Inflation Reduction Act may cause transatlantic trade friction. But these two approaches could also offer a path to greater cooperation. Kirkegaard outlines proposals for how both the European Union and the United States can implement additional policies to secure their comprehensive decarbonization.

Suggested Citation

  • Jacob Funk Kirkegaard, 2023. "Russia's invasion of Ukraine has cemented the European Union's commitment to carbon pricing," Policy Briefs PB23-13, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb23-13
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