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The main objective of this article is to examine how individual policy instruments contribute to reducing transport carbon emissions from transport in groups of EU countries. Multiple panel regression analysis was chosen as the research method, the impact of transport tax revenues on GHG emissions being expected to be negative. The results suggest that the influence of particular tax revenues on emissions varies between countries, differences being partly due to national legislations. Focusing on the explanatory variable of the price of aviation emissions allowances, the analysis supports our research hypothesis. The findings indicate that rising allowance prices contribute to the reduction of emissions, an increase in the EUAA price by €1 typically partially corresponding to a decrease in GHG emissions by 7.9 kg of CO2 per capita. Further research should facilitate the selection of the most effective economic instruments and their mix at EU level.