European carbon price hits record, as climate ambitions bite
The EU is widely expected to reduce the supply of EUAs as part of its efforts to hit net-zero by 2050, on top of recent reforms
Europe’s emissions trading system (ETS) has started 2021 with prices hitting all-time highs amid a dearth of supply and widespread anticipation that the market will tighten even further over the coming decade. In the wake of the political agreement late last year committing the bloc to achieve net-zero emissions by 2050, the European Commission is drawing up proposals that could see the supply of carbon allowances shrink significantly in the second half of the decade. This would be implemented to cut emissions by 55pc below 1990 levels by 2030, a key stepping-stone on the way to carbon neutrality. The EU ETS began a new administrative phase on 1 January that will last until 2030, and major r
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