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The EU’s Carbon Market Is About to Enter Its Turbulent 20s

As the emissions trading system prepares for its third decade, it’s also bracing for a major price spike.

Photographer: Krisztian Bocsi/Bloomberg

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Europe has had a carbon market—the world's first—for more than 15 years. In its first decade, prices did what prices do in a young market filled with uncertainty: They fluctuated.