Amending Decision (EU) 2015/1814 as regards ceasing the invalidation of allowances in the market stability reserve
Directive (EU) 2018/4101 amended Decision (EU) 2015/18142 concerning the operation of the market stability reserve (MSR) for the Union greenhouse gas emission trading system (EU ETS). The purpose was improving the effectiveness and stability of the EU ETS in the long term, including by invalidating from 2023 onwards allowances, in the reserve above a threshold equal to the total number of allowances auctioned during the previous year. This threshold was changed by Directive (EU) 2023/9593 from a dynamic threshold to a fixed threshold of 400 million allowances from 2024, to ensure that the level of allowances in the reserve is predictable.