European Steel Association EUROFER said that the upcoming negotiations on the EU Emissions Trading System and the Carbon Border Adjustment Mechanism need to enable industry’s Decarbonisation and make the green transition a true success story & has called upon the EU institutions to work for a balanced compromise in the final text. EUROFER Director General Mr Axel Eggert said “The final text needs to ensure that higher climate ambition is achieved cost effectively and with strengthened protection against leakage of CO2 emissions, investment and jobs to countries outside the EU. For this, we need a cautious transition from existing carbon leakage measures to a carbon border adjustment with a structural solution for exports, benchmark rules reflecting the gradual transition to new technologies and the recognition of upstream emissions from ferroalloys in stainless steel imports. Additional costs for businesses and households from removing large amounts of CO2 certificates from the market through rebasing and Market Stability Reserve should be avoided.”Mr Eggert stressed “For our more than 60 green steel projects to be deployed, we need to take investment decisions now. We still do not have, nor will have access to enough and affordable renewables and green hydrogen available any time soon, as no adequate infrastructure exists yet in the EU. In this very volatile economic, energetic and geopolitical situation, the steel industry needs to rely on an enabling regulatory framework to accelerate the green transition.”The positions adopted by the European Parliament and by the Council, while acknowledging partially some of the issues for the successful Decarbonisation of the steel industry, still fall short of securing the necessary progress on the ETS and CBAM files to safely land the green transition.The 60 low carbon projects of the steel industry have a CO2 emissions potential abatement of 81.5 million tonnes per year by 2030, equal to around a 2% cut of the overall EU emissions. For the steel sector, this represents a 55% cut compared to 1990 levels, in line with the EU Fit for 55 targets. They require a capital investment of EUR 31 billion and at least EUR 54 billion in operational expenditure.