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EU agrees to tap carbon market for more than R350bn in energy pivot

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European Union policymakers have agreed to raise €20bn from the region’s carbon market to help finance the bloc’s strategy to wean itself off Russian natural gas, in a deal that is set to involve the use of some permits currently withdrawn from the ...

“It’s important to address the triple crisis: Europe’s dependency on Russia, high energy prices and climate,” said Peter Liese, lead negotiator on the funding for the European Parliament.

Benchmark EU carbon permits closed at €88.64 a ton on Tuesday, having almost tripled over the past two years. Under the deal, the innovation fund will be replenished with allowances from the EU Emissions Trading System’s stability reserve to compensate for 10% of the financing package.

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