Carbon prices in Europe continued to slide at the start of this week, tumbling to levels last seen in October 2021.
Europe’s carbon prices continued to slide on Monday and tumbled to levels last seen in October 2021, as renewables surge while natural gas prices slump and industrial activity slows down amid weaker economies. The EU has a carbon permit market in place, in which industry, power firms, and airlines pay a carbon price for their emissions, as the bloc seeks to lower its carbon footprint and become carbon neutral by 2050. The EU carbon futures for December slumped by 5.
30 euros per ton, or $104, as Europe was bracing for a cold spell and a forecast for low wind power output. Many energy transition proponents in Brussels have hoped to see such prices as soon as possible as the higher cost of emissions is seen as critical for motivating more efforts—and investments—in decarbonization. However, prices began to tumble last year amid low demand and weaker industrial activity, while renewable power generation continued to surge.
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