For the first time ever, the sale of carbon credits will finance projects that help tackle climate change. The EU Commission will fund 19 projects, two of which are in France. EurActiv France reports.

For those who still question the point of a European carbon market, here is a possible answer. The European Commission announced on 8 July that 19 projects from 12 EU member states will receive their share of €1 billion raised through the sale of carbon credits.

Established in 2005, the European Union Emission Trading Scheme (EU ETS) set a cap on the total amount of certain greenhouse gases that can be emitted by some 12,000 factories, power plants and other installations across the EU. Most emission allowances were initially given away for free, while countries were allowed to auction off part of the credits destined for the industrial sites. The collapse in carbon prices forced the Commission to withdraw the credits from the market in an attempt to increase prices, which are currently at €5 per tonne compared to €30 in 2008.