Suspension of auctioning of Member States Recovery and Resilience Facility allowances

The auction calendar has been adjusted following the suspension of the auctioning of the first leg of emission allowances allocated to the Recovery and Resilience Facility (RRF).

The auctioning of emission allowances for the RRF under the REPowerEU plan started in July 2023 with a revenue target of EUR 20 billion: EUR 12 billion from the auctioning of allowances which would otherwise be auctioned for the Innovation Fund allowances (IF-RRF) and EUR 8 billion from the auctioning of allowances that would otherwise be auctioned from 1 January 2027 to 31 December 2030 by the Member States (MS-RRF).

On 22 June 2026, the EUR 8 billion revenue target for MS-RRF has been reached after a cumulative auctioning of 111 455 000 allowances.

The Auctioning Regulation states that if the target revenue is reached before 31 August 2026, the subsequent auctions of allowances must be immediately suspended. Since the beginning of the year, each auction by the common auction platform included 381 000 allowances allocated to MS-RFF. From 23 June until 31 August 2026, the auction volume on the common auction platform will therefore be adjusted by that amount, from 3 198 500 to 2 817 500 allowances.

Based on current price levels, the second leg of emission allowances allocated to the Recovery and Resilience Facility (IF-RRF) is expected to reach its revenue target mid-July. A similar adjustment of the auction calendar will then take place, with the suspension of the auctioning of 571 000 allowances (the IF-RRF auction volume) in each auction from the common auction platform from mid-July to 31 August.

The 2026 auction volumes are calculated in accordance with the previously published:

• Cap 2024 decision
• Member States' auction shares for phase 4 of the EU ETS
• Auctioning Regulation.
• ETS Directive
• Regulation 2026/677 amending the European Climate Law

For more information:

• Website of the auction platform EEX
• EU ETS section of Commission website
• Recovery and Resilience Facility
• REPowerEU
• Regulation of the European Parliament and of the Council amending the Regulation establishing the Recovery and Resilience Facility (Regulation (EU) 2023/435)