Belgium: Climate Change

The European Commission's 2026 proposals to reform the Market Stability Reserve represent a fundamental shift in EU carbon policy, transforming what began as a technical mechanism to address allowance surplus into a multifaceted instrument balancing climate ambition, industrial competitiveness, and geopolitical concerns. This analysis traces the MSR's evolution from the 2010s crisis through successive amendments, examining how the cessation of invalidation and recalibrated parameters interact with broader i

January 2023 saw the entry into force of the EU's Corporate Sustainability Reporting Directive (CSRD), which introduced new, stronger ESG public disclosure obligations for large companies, listed SMEs and parent companies of large groups operating in the EU Member States.