EU governments to auction 244m carbon permits from Jan-Aug 2024 - Commision

European governments will auction 244m EU carbon permits from January to August next year under the bloc's Emissions Trading System (ETS), the European Commission said late Thursday. The European Union's Emissions Trading System (ETS) forces manufacturers, power companies and airlines to pay for each tonne of carbon dioxide they emit as part of Europe's efforts to meet its climate targets. The number of permits member states will sell from September to December 2024 will be decided next year and published on July 31, the Commission said. Further carbon permits will be sold by the EU next year to raise funds as part of programmes to help end reliance on Russian fossil fuels following Russia’s invasion of Ukraine, help economies recover from the coronavirus pandemic, and help countries pay for the energy transition to cleaner power. From January to December, some 87m permits will be auctioned for the Recovery and Resilience Facility; 35m for the Innovation Fund; and 97m for the Modernization fund, the Commission said. First permit auctions for 2024 are expected to start from Jan. 15, the Commission said.<br/>