EU Leaders Set to Ask for Deeper Monitoring of Carbon Market
- EU Commission may be invited to react on CO2 trading if needed
- Prices have surged at record pace because of the energy crisis
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The European Union’s heads of government are set to invite the bloc’s executive to improve monitoring of the EU carbon market, where a rally has sparked concerns about speculation and the impact on inflation amid an energy crisis.
Leaders on the European Council are concerned about the volatility of energy prices as the economy recovers from the pandemic, according to a draft political statement seen by Bloomberg. Carbon permits in the EU Emissions Trading System rose to a record 90.75 euros per metric ton last week and are trading almost 150% higher this year. Power prices have also hit all-time highs.