European Union countries approved plans to auction carbon permits early to raise cash to help them quit Russian gas, meaning the law can now enter into force. The plan will raise EUR20bn (USD21.3bn) in grants from the EU carbon market, partly by holding carbon permit sales earlier than planned. Countries will be able to spend the grants on renewable energy and energy-saving renovations to help replace Russian gas, and projects to help heavy industry decarbonise.

Source: Reuters