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On 21 February 2023, the price in the European Union's Emissions Trading System (EU ETS)—the ‘cap and trade’ scheme constituting the standard measure used to track the price of carbon credits in Europe—surpassed €100 per tonne.
This increase represents a significant surge from just a few years ago when it was only priced around €10 per tonne. The EU Allowance December 2023 contract, which is the main currency in the EU ETS, closed at €100.7 on Tuesday.
As part of Europe´s effort to achieve its climate goals, manufacturers, power companies, and airlines must pay for each tonne of carbon dioxide they emit. Traders noted that the recent cooler weather and lower wind speeds in Europe could trigger utilities to increase their carbon offsetting purchases.
The benchmark contract has gone up by almost 20% since the beginning of the year, driven in part by the expectation of Europe's economies improving as energy prices fall from their record highs. The carbon contract's speculative buying has also contributed to its price increase.
DGB Group is uniquely positioned to benefit from high prices of carbon due to its business focus on carbon capture solutions. With a strong emphasis on sustainable development, DGB is well-equipped to navigate your decarbonisation journey. As carbon prices continue to rise, DGB can provide your company with nature-based products and services that will deliver growth opportunities and financial returns.
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