European and global climate policies : pursuing fairness and carbon neutrality in an increasingly fragmented world

The need to fight global warming is urgent, since it brings catastrophic and often unjust impacts, while climate policies play a crucial role in steering the transition toward a carbon-neutral future. The European Union (EU) has been most active in this regard and has put in place broad measures in response, including the European Green Deal. Within this framework, the European Union Emissions Trading System (EU ETS) remains one of the most important elements. In addition, the Carbon Border Adjustment Mechanism (CBAM) is intended to avoid carbon leakage, extending the ETS principle outside Europe. Taken together, these measures demonstrate the EU’s determination to decrease emissions and promote the green transition. However, such policies also entail socio-economic risks and could be inconclusive if the EU acts alone. Against this background, this chapter will discuss the EU ETS, CBAM, and international climate strategies, and what can be done globally to meet climate goals.