EU Carbon Rises as EON Head Calls for Stronger Carbon-Cut Goal

European Union carbon permits for December advanced to the highest in more than two weeks as the head of Germany’s largest utility called for the EU to adopt a single goal to cut emissions by at least 40 percent by 2030.

The benchmark EU allowance contract gained as much as 8 percent to 4.71 euros ($6.38) a metric ton on London’s ICE Futures Europe exchange. That’s the most since Nov. 13 and the largest intra-day price jump in five weeks. The contract closed up 3.2 percent at 4.50 euros a ton.

“We should embrace a 2030 target with at least 40 percent because I believe it can be delivered without compromising the competitiveness of Europe,” Johannes Teyssen, chief executive officer of EON SE, said at an event hosted in Brussels by Eurelectric, an industry lobby group.

The European Union earlier this year started a debate about its 2030 framework for climate and energy policies. The bloc’s regulatory arm is due to publish an action plan in January and EU leaders will discuss it at a summit in March. It has already committed to cut emissions by 20 percent from 1990 levels by 2020.

ICE Futures handled 7.1 million metric tons of December permits from 3 p.m. through 4 p.m., the most activity since July 3 when almost 14 million tons were traded in an hour.

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