Countries back rewritten EU plan to raise carbon market cash
7 Oct 2022
European Union countries on Tuesday agreed an alternative to an EU plan to use a carbon market reserve to help finance their exit from Russian gas, after fears the original proposal would undermine the bloc’s main climate change policy.
As part of its aim to end Europe’s reliance on Russian gas this decade, the European Commission had said countries could raise 20 billion euros for new energy investments by selling CO2 permits stored in the EU carbon market’s “market stability reserve”.
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