European governments will auction 244 million EU carbon permits from January to August next year under the bloc's Emissions Trading System (ETS), the European Commission announced on November 16.
The European Union's Emissions Trading System (ETS) mandates that manufacturers, power companies, and airlines to pay for each tonne of carbon dioxide they emit, contributing to Europe's efforts to achieve its climate goals.
According to the Commission, the number of permits that member states will sell from September to December 2024 will be determined next year and published on July 31.
Further carbon permits will be sold by the EU next year to raise funds as part of programs aimed at reducing depence on Russian fossil fuels, supporting economies in recovering from the coronavirus pandemic, and assisting countries in financing the energy transition to cleaner energy sources.
The Commission said that from January to December, approximately 87 million permits will be auctioned for the Recovery and Resilience Facility; 35 million for the Innovation Fund; and 97 million for the Modernization fund.
First carbon permit auctions for 2024 are scheduled to begin from January 15, according to the Commission.