Twelve EU Nations Push to Boost Carbon Fund for Poorer States (opens original article in a new tab)

Twelve EU nations called for increased funding of the Modernization Fund, which supports poorer states in transitioning from fossil fuels, as the EU ETS review prepares to adjust carbon market rules for a 90% greenhouse gas reduction target by 2040.

• Twelve EU nations urged the European Commission to increase funding for the Modernization Fund, which supports poorer states in transitioning from fossil fuels.
• The Modernization Fund is financed by carbon market revenues, with estimated 2021-2030 proceeds at €57 billion at €75 per ton carbon price.
• The EU ETS review in July aims to adjust the carbon market to achieve a 90% greenhouse gas reduction by 2040 compared to 1990 levels.