ESG and Climate: Key Corporate Decisions from April 2 to 9, 2026

On April 7, 2026, the European Commission (DG TAXUD) published the first quarterly CBAM certificate price for Q1 2026^[1] at 75.36 EUR/t CO₂e. The rate reflects the average EU ETS auction price^[2] from the first three months of the year and serves as a benchmark for steel, aluminum, cement, fertilizer, hydrogen, and electricity importers into the European Union. Starting February 1, 2027, these entities will pay for embedded emissions in imported goods^[3] throughout 2026, and subsequent quarterly CBAM prices will be announced on July 6^[4], October 5, 2026, and January 4, 2027. For Polish steel mills and fertilizer producers exporting outside the EU and for importers from Ukraine, China, or Turkey, this necessitates an immediate update to budgets and contract calculations^[5], while banks and leasing companies must incorporate the CBAM cost into credit assessments.

First CBAM Price and ETS Reform

On April 1, 2026, the European Commission introduced a draft reform of the Market Stability Reserve within the EU ETS^[6]. The proposal eliminates the automatic cancellation of allowances^[7] exceeding the 400 million units threshold, replacing it with a strategic reserve that Brussels will activate in cases of supply shortages. The change aims to stabilize the market amid the energy crisis^[8], caused by the USA–Israel–Iran conflict, which raised oil prices by 60–70%^[9] and gas prices by 50–70%. For Poland, one of the largest buyers of allowances in the EU, the “strategic buffer” offers greater price predictability but also limits sharp price drops, sending a clear signal to investors: the energy transition must remain profitable even if industry slows down.

Shift in Carbon Policy and New ESG Regulations

Amid energy market tensions, some countries are retreating from ambitious fossil fuel phase-out schedules^[10]. On March 31, 2026, the Italian Chamber of Deputies postponed the final coal plant closure from 2025 to 2038^[11], at the request of Giorgia Meloni’s government, representing a 13-year delay^[12]. In debates in Germany, Chancellor Friedrich Merz emphasized the need to maintain coal plants longer^[13] and build new gas-fired power stations to reduce shortage risks amid high fuel prices. This political precedent may be used in Polish negotiations^[14] on the pace of coal unit closures but simultaneously tests the consistency of EU climate policy and the expectations of investors and insurers regarding decarbonization plans.

At the same time, regulatory pressure is rising in the ESG reporting area^[15]. Introducing supply chain due diligence obligations^[16], the Swiss Federal Council proposed the “Sustainable Corporate Management Act” (SCMA), while The law envisages penalties of up to 3% of global turnover^[17], criminal sanctions, and exclusion from public procurement. It also published guidelines on March 31, 2026, for the “Packaging and Packaging Waste Regulation” (PPWR)^[18], which will apply directly across all member states from August 12, 2026^[19]. The document clarifies the definitions of producer and packaging^[20], introduces a 50% limit on empty space in e-commerce shipments^[21], bans PFAS in food-contact packaging^[22], and sets requirements for extended producer responsibility schemes and deposit systems.

Record Investments in Grids and CO₂ Removal Technologies

New reporting standards are also being prepared by the Global Reporting Initiative^[23]. Since late March 2026, three drafts have been open for consultation until June 8, 2026^[24]: a new thematic standard on soil pollution, an extended version of GRI 305 covering air emissions, and an updated GRI 306 addressing effluents, waste, and environmental incidents, including emergency preparedness. GRI reports that 91% of countries exceed WHO norms^[25], while existing corporate reporting remains incomparable. For Polish companies in chemical, metallurgical, cement, and mining sectors, this means preparing for more detailed data disclosures^[26] that will likely be incorporated into future European ESRS reporting standards.

In the climate investment and technology market, at the same time, record infrastructure and CO₂ removal projects emerged^[27]. The Spanish group Iberdrola announced that through Scottish Power Energy Networks it will invest over 13.7 billion EUR in five years^[28] in upgrading Scotland’s power grid, building 12 new main stations^[29], more than 570 km of transmission lines, and additional renewable energy connection capacities under the RIIO-T3 program approved by regulator Ofgem. Meanwhile, Microsoft announced two major contracts for permanent CO₂ removal^[30]: in Canada, cooperating with Svante Technologies and Meadow Lake Tribal Council, it will purchase 626,000 t CO₂ from a BECCS project over 15 years^[31], and in the USA with Liferaft, secured 1,000 tons from biochar projects in Iowa and Illinois^[32] for 10 years, supervised by verification firm Supercritical and registered with ICROA. These examples show that despite the energy crisis, some entities are accelerating investments^[33], which sets global carbon credit quality standards and a direction^[34] that Polish local governments and companies may follow in biochar projects, urban mining, or expanding grids for renewables.

Related posts:

• EU Taxonomy Consultations, First CBAM Price, and Energy Price Pressure — A Week in ESG
• Blockades, Fuel Surcharges, and New Regulations: A Week of Tensions in Transport and Logistics
• Week Marked by Tightened ESG Standards and New Corporate Strategies
• ESG and Climate: CSRD Simplification, Stricter Ratings, and Accelerated Transformation in Europe