The price of carbon emissions has increased to almost €100 per ton in EU Shutterstock

The price of carbon emissions has increased to almost €100 per ton in EU

Katerina Belousova

Since the beginning of 2023, the base contract for carbon emissions has increased by almost 20%

In the EU, the price for carbon emissions reached a record high on February 20, approaching €100 per ton.

This is attributed to the expectation of cool weather, and therefore an increase in the operation of fossil fuel power plants, and a decrease in wind power, Reuters reports.

The material emphasized that although the price has not exceeded the level of €100, according to analysts, this may happen soon.

The December 2023 EU Premium (EUA) indicative contract closed at €98.3 per tonne, up 2.1% from Friday 17 February, the authors said. Earlier, it reached a record level of €99.99 per ton.

It is noted that since the beginning of 2023, the basic contract for carbon emissions has increased by almost 20%. This is due to the expectation that Europe's economy may start to improve as energy prices fall from record highs. Speculative purchases also contributed to the increase in prices.

Earlier, EcoPolitic wrote, that the EU plans to expand the carbon emissions trading scheme to the heating and transport sectors.

As EcoPolitic previously reported, in most Asian countries, prices and taxes on carbon emissions are too low to significantly affect the fight against climate change and force polluters to reduce emissions.

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