and an initial draft should be ready in the summer Slovakia is one of the most industrialized coun- for stakeholder consultation, providing enough tries in Europe, which can be considered and time for the next investment committee conven- advantage, but the challenge is to align with the ing in December. [...] US Steel ing points and economic structures, with such will be a major test case for Slovakia, as the high- a large industrial footprint facing the challenge est private employer, and for the EU, to remain of carbon leakage. [...] Thus the focus should be agreed between the EU institutions, has shifted from large volume to smaller volume the steel industry and national governments with with higher value raising the barrier to entry for a clear action plan establishing market for green competitors. [...] For an industry so reli- Steel welcomes the approach put forth during ant on electricity consumption, least cost supply the German Council presidency that commits of RES can be the competitive advantage for EU funds to clean up steel production, and member biotech in the bioeconomy. [...] The EU ETS is the most extensive in the world, while similar During the discussion session, Bruegel introduced systems are only under development in places a new proposal for Commercialization Contracts like China and India, meaning CBAM is needed which are contracts for difference for industrial to make a market correction and prevent imports carbon abatement similar to RES auctions, sepa- from 3.
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