HomeCarbon CreditsEU Carbon Price Hits All-Time High with Germany Considering a Floor Price

EU Carbon Price Hits All-Time High with Germany Considering a Floor Price

European carbon price hit a record high today after Germany announced it may set a floor price of 60 Euros/tonne for emitters over the next few years.

The EU’s Emissions Trading System (ETS) went as high as 73.18 Euros (~$82 USD) per metric ton.

EU Carbon Price Germany

The EU’s ETS forces power companies, manufacturers, and airlines to pay for each tonne of carbon dioxide they emit.

The European Union made the carbon market a central part of its ‘Fit for 55’ package to accelerate pollution cuts this decade. The EU’s goal is to cut net CO2 emissions by 55% from 1990 levels by 2030.

Similar to the UK’s carbon price mechanism, the German decision on carbon prices would create an additional domestic levy. This added charge for emitters in Germany is on top of the price paid in the EU emissions trading system.

Germany is Europe’s largest economy and manufacturing accounts for 23% of Germany’s GDP compared to 11% of the UK’s GDP.

Manufacturing is a high-emitting industry and this significantly makes burning coal less attractive there faster than other EU members.

Other carbon prices are also reaching new highs. The Race to Netzero is on.

Most Popular
LATEST CARBON NEWS

Lenovo Unveils 2050 Net Zero Goal, Enters Carbon Credits Deal

Lenovo has revealed its goal to reach net zero greenhouse gas (GHG) emissions by 2050, which the Science Based Targets initiative (SBTi) approves, and...

Voluntary Carbon Credits Market Can Be Worth $1 Trillion in 2037

The total value of carbon credits traded in the market to help entities achieve their net zero goals can be worth $1 trillion as...

Amazon to Start Trading Renewable Energy in India

Amazon received the green light from Indian authorities to start trading renewable energy sources in the country. After securing a category-III energy trading license,...

UK Considers £300M Climate Bailout of British Steel

The UK government is considering a plan to channel a £300 million ($372 million) climate package to help British Steel reduce its carbon emissions...
CARBON INVESTOR EDUCATION

Abandoned Oil Wells and Carbon Credits

You’ve probably seen dozens of pictures before that look exactly like the one above. An active oil field littered with pumpjacks, all churning out oil...

Is Offsetting Carbon Worth It?

Is offsetting carbon worth it? This question has never been more controversial right now and it deserves a good answer, especially if you're into...

How Does Carbon Capture and Utilization Work?

Carbon capture and utilization technology is not only useful, but a necessary strategy to reduce atmospheric CO2 levels, and stall an increase in global...

Top 4 Carbon Stocks To Watch In 2023

Carbon stocks, credits and capture technology are getting a lot of interest from investors. Companies will attract even more capital in 2023.