Increased generation from renewable sources and the commissioning of new RES capacity played an important role, in the overall decline in CO2 emissions, which was particularly pronounced in Spain, Portugal and Italy. In some countries, however, CO2 emissions increased. The ongoing surplus of more than 2 billion allowances continues to depress the CO2 price. Reinforcing the ETS through a more flexible design, so that it delivers a robust carbon price that supports continued investment in low carbon technologies, remains an urgent and vital policy objective.