Today, the European Commission unveiled its Clean Industrial Deal, a 24-page roadmap spelling out measures to give urgent support to Europe’s ailing heavy industries, while also setting the course for a continued green transition to develop European clean tech and ensure the 2050 decarbonisation target. Largely in line with a draft text leaked last week, today’s communication fills in some blanks, most notably in terms of financing. Under the heading ‘Strengthening EU level funding’, the Commission envisages creating a EUR 100 bn Industrial Decarbonisation Bank. This is the key element for carbon market stakeholders since much of that funding will come from the sale of EUAs. However, one-third of the financing will depend on the outcome of the upcoming ETS review. No additional allowances will be put on the market for the purpose of the bank, and the carbon market impact is therefore indirect, hinging on the success of the bank in speeding up industry emission reductions.