What would fill the void if the EU Emissions Trading System (EU ETS) were allowed to collapse? This briefing shows that ending the ETS would not leave a climate policy void. Emissions trading has awarded huge subsidies to some of the EU’s most polluting industries while at the same time failing to reduce greenhouse gas emissions and undermining other environmental measures. As the EU debates a 2030 climate and energy package, it should seek ambitious targets for greenhouse gases, renewable energy and energy efficiency – but targets are not enough. The EU should take a greater role in directly regulating greenhouse gas emissions at source.