In March, the cost of permits on the European Union’s carbon market dropped below 98 euros, which is a decline from the previous month’s record levels that surpassed 100 euros. This decline in price coincides with a looming April deadline for companies to purchase and submit sufficient CO2 permits to cover their emissions from the previous year. EU member states approved plans to generate 20 billion euros in grants from the EU carbon market by conducting carbon permit sales earlier than scheduled. These grants will be used to fund initiatives aimed at replacing Russian gas with renewable energy and energy-efficient renovations, as well as supporting projects to promote decarbonization in heavy industry. The European Union’s Emissions Trading System (ETS) mandates that manufacturers, power companies, and airlines pay for every tonne of carbon dioxide they emit as part of the EU’s efforts to meet its climate targets.
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