Goldman Exposes EU Green New Deal: Carbon Cost Crushing EU Industrial Competitiveness

Europe's manufacturing base is in crisis, caught in a perfect storm of higher power prices, intense competition from China, and weak demand from downstream industries. This triple squeeze has put the world's most expensive carbon-pricing market back in the spotlight. If Brussels wants to prevent the decline of Europe and rebuild industrial competitiveness, the bloc's emissions trading system urgently needs reform.

Earlier this week, industry leaders asked European Commission President Ursula von der Leyen and national leaders to weaken the Emissions Trading System (ETS), a cap-and-trade system designed to reduce greenhouse gas emissions.