China’s Carbon Price Hits Record as Polluters Rush for Permits
- Government is gradually tightening the supply of allowances
- Beijing wants to avoid last-minute rushes to secure permits
A coal-fired power station in Zhejiang Province, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s carbon price continues to climb, setting a fresh record on Friday as the government pushes power generators to secure enough permits for the year.
The price of emissions allowances on the national exchange rose to as much as 70 yuan ($9.68) a ton on Friday, before settling 0.55% higher at 69.9 yuan. That takes the weekly gain to 6%. Volumes, which have been moribund for long periods since the market launched two years ago, have also picked up. Nearly 225,000 tons traded this week, 19% higher than a week ago.