The price of permits in the European Union's carbon market closed at a record high above 96 euros on Friday, with analysts expecting the symbolic 100 euro level could soon be breached.
Known as the EU emissions trading system , Europe's carbon market compels factories, power plants and airlines to pay for each tonne of CO2 they emit - the higher the permit price, the greater the cost of producing planet-warming emissions, although some receive free permits to help them stay cost competitive in global markets.
Analysts said the latest jump was likely driven by technical buying and that 100 euros is within reach - a level also suggested by a high amount of open interest in CO2 options contracts at that price.The upward march of European carbon costs has unfolded as EU policymakers last year unveiled a raft of new legislation to cut emissions faster by 2030 - including a reform of the market that analysts expect to send CO2 prices even higher.
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