(ANSA) - ROME, MAR 18 - Premier Giorgia Meloni and nine other EU member country leaders wrote to the EU authorities Wednesday asking for a review of the bloc's Emissions Trading System (ETS) including an extension of free quotas beyond 2034. In a letter addressed to EU leaders, the leaders of Italy, Austria, Croatia, Greece, Romania, Bulgaria, the Czech Republic, Hungary, Poland, and Slovakia call for a "thorough review" of the ETS system that includes "an extension of free EU allowances beyond 2034" as well as a "gradual approach to the elimination of free allowances starting in 2028." The heads of state and government of the ten countries, including Meloni, also call for the review to be expedited, which should be presented "at the latest by the end of May," the text states. The EU is holding a summit this week. In her March 16 letter on competitiveness, the ten leaders' text recalls, EU Commission President Ursula von der Leyen "rightly emphasizes that we must ensure the ETS is adapted to new realities. To this end, we believe a thorough review of the ETS is necessary to mitigate its impact on electricity prices and reduce the risk of carbon price volatility, including an extension of the EU's free allowances under ETS 1 beyond 2034. "Furthermore, it is crucial to phase out free allowances gradually from 2028 onwards to avoid placing an excessive burden on industry during this transition period. "We welcome the fact that this principle is also reflected in the agreement on the 2040 climate target." Regarding the ETS revision, "time is running out; the relevant legislative proposal should therefore not be postponed until the summer. Following the upcoming discussions at the European Council in March, the revision of the ETS 1 system should be presented by the end of May at the latest," the letter addressed to von der Leyen and Antonio Costa emphasizes. "Climate change must be addressed with determination. However, we can only succeed in the green transition if our industrial base remains strong. "Since the Green Deal agreement was reached, the global context has changed significantly. Energy prices have skyrocketed, inflation has made the investments needed for the transition even more costly, and current decarbonization solutions are not yet sufficiently developed to ensure the economic sustainability of sectors where emissions are difficult to reduce. "Today, we see that the ETS's planned path to 2034 is too steep and overly ambitious. Our sector is committed and continues to take the necessary measures to transform its business models," the 10 leaders explain. (ANSA).