The carbon market hit a record, Europe tightened its pollution rules

The price of the European Union’s (EU) carbon license exceeded $ 60 / ton for the first time on May 4, prompting companies that emit carbon dioxide in the air to be cautious.

Illustration. https://kinhtexaydung.petrotimes.vn The cost of pollution in Europe has risen by more than 50% this year, signaling that climate policies need to be harsher, the region is also starting to make a difference. Futures in the carbon market of Europe, the largest market in the world, exceeded $ 60 / ton for the first time on May 4. Rising prices make it more expensive to release carbon dioxide into the air and force the industry to look for cleaner ways to run production. According to Ulf Ek, investment director at London’s Northlander Commodity Advisors LLP, the bulls have to go further. He hopes the futures contract will trade as high as $ 91 / ton by the end of the year, to boost his incentive to protect the environment. The rise in prices and industry concerns about its competitiveness, poised to put further strain on political discussions about the implementation of the “Green Agreement,” aimed at achieving neutrality. on climate by 2050 and strengthening emissions reduction targets by 2030. Some technologies to cut emissions, such as hydrogen generated without pollution, are still too expensive for steel and chemical manufacturers. But further price hikes could change that. Record carbon prices in Europe will strengthen the Government budget. EU leaders are arguing about enacting stricter pollution targets over the next decade at an extraordinary summit in Brussels, to be held on May 23. On July 14, the European Commission will propose a regulatory package to enact a new goal, by 2030, to cut greenhouse gases by at least 55% from 1990 levels. Agree by national governments and the European Parliament to become the binding rule. https://kinhtexaydung.petrotimes.vn