Various political groups in the European Parliament have agreed to take the equivalent of €20 billion from the EU carbon market in advance in a bid to finance the move away from Russian fossil fuels and lower consumer energy bills. Extra CO2 emission allowances will be released on the carbon market to increase its liquidity, lower the allowance prices and ease pressure on electricity prices. The EU Emissions Trading System (ETS) currently puts a price on the carbon dioxide emissions of around 10,000 industrial facilities.
