Thursday's EU summit ended without agreement on energy policy or the next long-term budget. The main fight was over ETS2, the already legislated carbon pricing system for heating and road transport that is due to start in 2028. Italy, Hungary, Czechia, Slovakia and Poland pushed to delay it, while Germany, Spain, France, Portugal, the Nordics and the Netherlands opposed reopening the legislation. Diplomats described the talks as chaotic, and the next budget summit is set for November 26. For carbon markets, the outcome matters because ETS2 is not a proposal. It is in law, and any delay would shift compliance timelines and the cost signals that households and businesses face. The fight also shows how carbon pricing is becoming a battleground for wider budget and cost-of-living disputes. Whether the delay coalition grows or fades will shape the EU's ability to use carbon pricing as a tool for decarbonizing buildings and transport.
