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European Commission releases the EU ETS 2024 auction volumes

The European Commission has released the EU ETS 2024 auction volume for general and aviation allowances, which were calculated based on the revised ETS Directive, including the reduction of the cap and the linear reduction factor, the addition of maritime transport in the scope of the ETS, changes to the share of free allocation for aviation, as well as changes to the quantity of allowances allocated to the Innovation Fund and Modernisation Fund.

A total of 244 million general allowances (EUAs) will be auctioned for the Member States between January and August 2024. In addition, nearly 87 million EUAs will be auctioned for the Recovery and Resilience Facility (RRF) during the period January – December 2024, including 52 million reallocated from the Innovation Fund to the RRF and nearly 35 million that would otherwise be auctioned for the Member States in 2027-2030. Moreover, more than 35 million EUAs will be auctioned for the Innovation Fund and nearly 97 million EUAs will be auctioned for the Modernisation Fund during the period January – December 2024. The first auctions are expected to start from 15 January 2024.

The EU Emissions Trading Scheme puts a cap on the CO2 emitted by more than 11,000 EU installations in the power sector and energy-intensive industry through a market-based cap and trade system, covering around 40% of the EU greenhouse gas (GHG) emissions. It will also cover emissions from maritime transport from 2024. In August 2023, the European Commissions adopted its 2024 emission allowance cap under the EU ETS for stationary installations and maritime transport activities. This cap will be cut by 90 Mt in 2024 and by another 27 Mt in 2026 but the inclusion of the maritime transport sector in the scope of the ETS Directive in 2024 should raise the cap by 78.4 Mt. The cap will be reduced each year by 4.3% between 2024 and 2027 and by 4.4% from 2028.

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