Energy & Science
European Carbon Permits Rise to Record After COP26
- Increase in gas prices is boosting demand for carbon futures
- Price stability has given investors more confidence to buy
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European carbon futures climbed to a record, following an agreement at the COP26 summit that seeks to reduce the use of fossil fuels and boost nations’ climate targets.
Benchmark prices rose as much as 5.9% to a record 66.97 euros ($76.25) a metric ton on ICE Endex on the first day of trading after the summit in Glasgow, Scotland. Making polluters pay for carbon permits is seen as a key way to cut emissions in Europe, and the European Union plans to extend the bloc’s trading scheme to more sectors.