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Europe · Business news · Policy & Regulation · 17 Jul 2026

Brussels proposes slower EU carbon-cap cuts after 2030 and free allowances for steel and cement until 2038

EU Materials Industrials Utilities Energy

What happened

The European Commission presented its reform of the Emissions Trading System on 17 July. The yearly cut in the allowance cap would be 3.7% for 2031–2035 and 1.7% for 2036–2040, against 4.3% now. Free allocation would continue beyond 2030 and heavy industry such as steel and cement would get free allowances until 2038, with 80% handed out in advance to firms with European decarbonisation investment plans and 20% after the investment is confirmed. The Market Stability Reserve intake rate would fall from 24% to 12%, and a €100bn Industrial Decarbonisation Bank is proposed. Member states and Parliament have yet to agree the text.

Why it matters for listed companies

Carbon allowances are a direct cost line for European steelmakers, cement and chemicals producers, refiners and fossil-fuel power generators, so the pace of the cap and the amount of free allocation feed straight into their operating costs. A slower cap and a smaller reserve intake mean more allowances stay in circulation than under current law, while tying free allowances to investment plans adds a spending obligation. For utilities with low-carbon fleets the carbon price is part of the wholesale power price they earn. This is a proposal, not law.

Reported by GMK Center — “The European Commission has proposed changes to the ETS” ↗ on 17 Jul 2026.

Rates and currencies since this was reported

Official series on 17 Jul 2026 or the last day before it, and the latest observation.

ECB deposit facility rate
2.25% → 2.50% +25 bp
17 Jul 2026 → 16 Oct 2026 · European Central Bank
Euro area 10-year yield (AAA)
3.15% → 3.39% +24 bp
17 Jul 2026 → 15 Oct 2026 · European Central Bank
Euro in US dollars
1.1435 → 1.1253 -0.0182
17 Jul 2026 → 16 Oct 2026 · ECB reference rate
Euro in pounds sterling
0.8510 → 0.8438 -0.0071
17 Jul 2026 → 16 Oct 2026 · ECB reference rate
These figures are measured, not attributed. Prices and rates move for many reasons at once; they show what happened after this story, not that the story caused it. Nothing here is a recommendation to buy, sell or hold.

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