Governments around the world will this year raise around $22 billion from schemes putting a price on carbon dioxide (CO2) emissions such as taxes or emissions trading systems, a report on Wednesday showed.

The role of carbon pricing, in efforts to curb rising emissions blamed for global warming, has gained prominence this year after several multinational companies including oil majors said such a price is needed to spur investment in low-carbon energy.

The figure is up 46 percent from an estimated $15 billion raised in 2014, the report by industry group the Climate Markets and Investment Association (CMIA) showed.

“Revenues from carbon pricing appear likely to continue to increase around the world, and continuing debate will be needed about how these funds should best be used in future,” it said.

Europe, which has an emissions trading system (ETS) as well as carbon taxes in some countries, accounted for almost three quarters of the revenue, the report said.

Under EU ETS rules, the European Commission encourages nations to spend cash generated through auctions of carbon permits on green energy, but there is no requirement to do so.

Benchmark EU ETS prices were 6.17 euros/tonne in 2014 compared with an average so far this year of 7.57 euros Reuters data showed, adding to the overall revenue increase.

Britain’s domestic carbon tax also almost doubled and pricing schemes in France, California and Quebec were expanded this year.

Negotiators from more than 190 countries will meet in Paris from Nov. 30 to thrash out a United Nations climate deal. However, U.N. climate chief Christiana Figurers said on Tuesday the talks will not deliver a global carbon price.

“We hope there will at least be a reference to the role of markets in the Paris text which can support the various national and regional initiatives,” said CMIA executive director Richard Folland.

Some 40 nations and over 20 cities, states and regions already have a price on CO2 emissions.