Today, after 18:00 CEST, the European Commission will publish the total number of allowances in circulation (TNAC) on the European carbon market.
This indicator plays an important role for the Market Stability Reserve (MSR) of the EU Emissions Trading System (ETS), which started operating in January 2019. The TNAC indicator will determine how many additional allowances will be placed in the MSR, through reduced auctioning, between September 2022 and August 2023.
According to Decision 2015/1814 (the MSR Decision) 24% of the TNAC is put in the MSR as long as its number exceeds 833 million allowances.
Last year, the total number of allowances in circulation amounted to 1 579 million allowances.
- Publication date
- 12 May 2022
- Directorate-General for Climate Action