On May 28 local time, Bulgaria, the Czech Republic, Greece, Poland, Romania and
Slovakia jointly warned that the European Commission's plan to sharply reduce
free CO2 allowances could drive cement, steel and chemical plants into
bankruptcy. They said the emissions limits set by the Commission are technically
unachievable. The six countries warned that if mechanisms within the EU carbon
emissions trading system (EU ETS) do not become immediately more realistic,
Europe faces deep deindustrialization and a loss of strategic autonomy.