The European Commission Wednesday approved Poland 's plan to allocate free of charge 404.6 million carbon emission allowances to the country's coal-reliant electricity sector.

 Poland plans more than 340 investments worth more than 28 billion euro ($38 billion) partially funded through the allocation of free greenhouse gas emission allowances, the commission said.

"The Commission found that the funds granted will be used to modernize production infrastructure, diversify the energy mix or build new installations," it said, adding Poland 's allocation plan won't distort competition within the European Union's single market.

 Poland generates about 90% of its electricity at coal-fired power plants.
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