EU to mobilize 20 billion euros for plan to reduce dependence on Russian gas
(VOVWORLD) - The European Union will raise an extra 20 billion euros from its carbon market for investments to help end more quickly the bloc's reliance on Russian fossil fuels, under a political deal reached on Wednesday.
 New wind turbines being built at a wind farm in Germany on October 12, 2021 (Photo: Getty Images)
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Negotiators from EU countries and the European Parliament agreed that 60% of the money will come from an EU Innovation Fund - an existing pot of carbon market revenue that is currently spent on breakthrough green technologies. The other 40% will come from proceeds from CO2 permit sales held earlier than planned.
The deal will take effect next year. The negotiators will try to strike a deal later this week on a broader carbon market overhaul, which is central to the EU's goal of cutting its greenhouse gas emissions 55% below 1990 levels before 2030.