- Political groups in the European Parliament announced a deal on Tuesday (27 September) that will see the equivalent of €20 billion taken from the EU carbon market in a bid to finance the move away from Russian fossil fuels and lower consumer energy bills.
- The EU carbon market is responsible for 10% of the rise in electricity prices, according to Peter Liese, a German MEP who is steering the revision of the EU’s Emissions Trading Scheme (ETS) in the European Parliament.
- In May, the European Commission proposed drawing €20 billion from the EU carbon market’s stability reserve (MSR) in order to finance a €300 billion emergency plan to move away from Russian fossil fuels.
Lawmakers close in on EU carbon market ‘frontloading’ to lower energy prices
