The European Union Emission Trading System and its role for green budgeting development — the case of EU member states

The new reform, implemented in 2023, as part of the fourth phase of the European Union Emission Trading System (EU ETS), introduces multiple changes that could contribute to the system's termination. However, even with the achievement of climate neutrality by 2050, budgetary climate financing needs will not disappear whatsoever. Instead, they are expected to grow significantly in the coming years and decades. Thus, the following questions arise. What will be the next direction of EU ETS reforms beyond 2028? Is building green public budgets based on revenues from the EU ETS justified or should we return quickly to discussing alternative sources of financing, including a European green tax?