EU decision to sell carbon allowances to ease the energy crisis means prices have fallen, cutting revenue countries will get from their future sales of allowances, Michael Bloss, MEP, Greens/EFA Shadow Rapporteur on the EU ETS Review, European Parliament, told the European Climate Summit.

Bloss said today the decision should be reversed, but it might be too late.

Mette Quinn, Deputy Director, Carbon Markets and Clean Mobility, DG CLIMA – European Commission had earlier said: “It’s a very exceptional reponse to a very exceptional situation.”

See story from last week here.

EU Carbon Permits Drop 8% as Lawmakers Again Surprise the Market With Overlapping Policy (3)

Tightening renewables and energy efficiency targets can reduce the need for factories and power stations to buy CO2 allowances.

The downside was the result of the EU announcing a proposal to sell €20 billion worth of EUAs to help pay for renewable energy investments to accelerate the transition away from Russian energy products, Redshaw Advisors Ltd said by email.