European Union lawmakers will vote next week on plans to auction carbon permits early to raise cash for countries to quit Russian gas, soothing concerns of a postponed vote that some analysts said helped to drive up carbon prices last week. An EU official told Reuters the European Parliament vote is scheduled for Tuesday on the legislation to raise EUR20bn (USD21.5bn) from the EU carbon market, partly by holding carbon permit sales earlier than planned. The plan aims to raise extra funding for countries to spend on expanding renewable energy and energy-saving renovations to help replace Russian gas, and projects to help heavy industry decarbonise.

Source: Reuters