EU emissions trading: “We didn’t rely on conscience, but on laws”

Emissions trading is considered Europe’s most important climate protection instrument, but today the EU Commission is presenting a reform proposal that could weaken it for the first time. This would be a serious blow for companies like Dillinger and Saarstahl, which are already implementing the green transformation. Stefan Rauber, CEO of the parent company Stahl-Holding-Saar, explains in an interview what a falling CO₂ price would mean. And whether the European steel industry still has a chance against China.

THE TIME: Mr. Rauber, you are currently implementing the largest decarbonization project
Europe around. What exactly are you planning to do?