European Carbon Slumps Over 6% to Lowest in More Than Two Years
- Price of carbon in EU has dropped 44% in past 12 months
- Cheaper gas, more low-carbon power cuts demand for CO2 permits
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European carbon fell below €55 a ton for the first time in more than two years as falling gas prices combine with mild weather and soaring renewable energy production to sap demand for permits to pollute.
Benchmark carbon futures have dropped 44% in the past 12 months. It’s a decline that reverses years of expectations that the European Union carbon price could only rise as the bloc ramps up its climate goals.