Аннотация: In recent decades, climate policy has started to play an important role in global economic policy. Historically, Europe has been the locomotive for global “green trends” and, nowadays, can play a leading role in technologies for CO2 reduction and adaptation to global warming. CO2 pricing is the central instrument for this policy. The ETS, as a cornerstone of the EU’s policy to combat climate change, should include all sectors. One of the most important questions is the allocating of revenues, which should flow back to private households and companies in order to ensure social balance and the preservation of the competitiveness of European industry. This must be accompanied by sound public and private investment activity. The existing European construction fund, Next Generation EU, should be used for financing, and the European debt rules should also provide scope without creating doubts about the soundness of public finances. The authors conclude that climate policy should enable achieving the climate policy goals combined with ensuring social balance and dynamic economic development.