Price of EU carbon quotas climbs to all-time high

The price of European carbon quotas is soaring, as the shipping sector is on track to soon be included in the system. Right now it costs USD 42 to emit a ton of carbon, the highest price ever. Maersk has asked the EU for permission to not pay at all.

Photo: PR / Maersk

The price of emitting carbon in the EU is at an all-time high. For years, the EU's Emission Trading System, ETS, has been described as a "fiasco" and as "bloated", but in recent months and weeks, the system has shown a whole different gravitas.

On Friday, the price of emitting a ton of carbon came to USD 42, the highest price since the ETS was established in 2005. Since October last year alone, the price of the quotas has grown by 51 percent, after the EU countries at that time increase the union's joint emission reduction target, which nows stands at "minimum 55 percent."

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