The report EU ETS: Last Call Before the Doors Close on the Negotiations for the Post-2020 Reform analyses the reform proposals for the EU Emissions Trading System (EU ETS), which are under discussion in the trilogue negotiations between EU institutions, as well as other possible evolutions of the EU ETS in its Phase IV (2021-2030). The report provides an assessment of the EU Parliament and EU Council’s reform proposals, adopted in February 2017. It also looks into greenhouse gases (GHG) emissions reductions, the cost of necessary abatements, the functioning of the Market Stability Reserve (MSR) and the framework of free allocation to industries. Furthermore, the report analyses the impacts of an exit of the UK from the EU ETS, as well as the possible introduction of a price corridor on the EU ETS. The report demonstrates that the EU ETS reform, given the EU Parliament and the EU Council proposals, will not be sufficient to make it a driver of decarbonisation in energy and industry sectors by 2030.