The European Union (EU) seeks to carry out early auctions of its carbon credits or allowances this year, starting from July. The goal of this decision is to raise extra funds to help EU nations reduce emissions and end reliance on Russian gas. The bloc aims to secure EUR20bn (USD21.62bn) in grants from its carbon market. And EUR8bn of that will come from the sales of EU carbon credits or permits happening earlier than scheduled. The remaining EUR12bn will be from a carbon market fund intended to support green technological innovations. But this will only begin until the EU makes some changes in its law on carbon market auctions to verify the new volumes.

Source:  carboncredits.com