EU Carbon Surges Past €80 as German Plan Lifts Industry Outlook

European Union carbon futures rose through a key technical level of €80 on Monday, after Germany announced new support for energy-intensive industries that is expected to lift emissions.

German Economy Minister Katherina Reiche said Monday that a new government mechanism for subsidizing electricity costs for heavy industrial users through 2029 can be rolled out at the start of next year. The plan is meant to spur production in Europe’s largest economy, boosting demand for carbon permits that companies need to surrender for each metric ton of CO2 they release into the atmosphere.