Carbon hits 50-euro record as Europe tightens pollution rules
Al Jazeera
Futures in the region’s carbon market, the world’s biggest, exceeded $60 per metric tonne for the first time on Tuesday, making it more expensive for firms to release carbon dioxide in the air.
The cost of pollution in Europe has surged more than 50% this year, signaling that the region’s tougher climate policies are starting to make a difference. Futures in the region’s carbon market, the world’s biggest, exceeded 50 euros ($60) per metric ton for the first time on Tuesday. Rising prices make it more expensive to release carbon dioxide into the air and force industry to look for cleaner ways to stoke their furnaces and keep the lights on. And the rally has further to go, according to Ulf Ek, chief investment officer at London hedge fund Northlander Commodity Advisors LLP. He expects futures to trade as high as 75 euros by the end of the year.
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