Print Magazine
Brussels Morning Newspaper
Thursday, March 23, 2023
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Sustainable Perspective
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home Economy

EU carbon tax reaches €100 per tonne

Nikola Kiš by Nikola Kiš
22 February 2023
in Economy
EU carbon tax reaches €100 per tonne
Share on FacebookShare on Twitter

Belgium, (Brussels Morning Newspaper) The price of EU carbon emissions reached 100 euros per tonne of CO2 on Tuesday, with EU Allowance contracts trading at 100.49 in the afternoon.

Under the EU Emissions Trading System (ETS), power companies, manufacturers, and airlines have to pay for their CO2 emissions to strengthen the green push, according to Reuters reporting on Tuesday.

EU pointed out that pricing fossil fuels out of the market will incentivize companies to turn towards renewable sources of energy and fuels with lower emissions.

Under EU rules, companies have to buy CO2 permits to cover their 2022 emissions by April, with traders noting that the approaching deadline helped to drive up prices.

They reminded that demand for permits in the power sector increased last year as some bloc members turned towards coal to replace lower natural gas supplies from Russia.

Poland previously expressed concern over permit prices, calling on the EU to limit price spikes, while Spain called for a price cap on permits as part of a package to rein in inflation.

Some bloc members see rising prices in a positive light, stressing the importance of strengthening the green push to reach environmental goals.

The price of permits started to rise in 2018, when the bloc tightened the supply, and rose sharply in 2021 when the EU introduced stricter environmental rules.

Planned moves

The EU is planning to remove free carbon permits for the production of steel and cement and introduce a carbon levy on imported goods to boost the competitiveness of companies in the bloc.

While the carbon tax in the EU stands at roughly 100 euros per tonne, the equivalent in China is below 10.

According to analysts, the EU carbon price could drop below 100 euros as the bloc decided to auction more permits on Tuesday.

Marcus Ferdinand, head analyst at Greenfact market intelligence company, pointed out “traders seem to neglect the short-term impact of additional supply entering the market… and rather focus on the mid-to-long-term picture.”

“I expect a correction as soon as the changes to auction calendars are announced,” he concluded. Mark Lewis, head of climate research at Andurand Capital Management, pointed out that exceeding the 100 euro level does not mean CO2 prices will remain above it.

Tags: Brussels LatestEU carbon taxMain-Slider
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • Health & Fitness
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • Brussels Bubble
    • Parliament
    • Commission
    • Council
  • Wider Europe
    • Member States
  • World
  • Business & Society
  • Europe With Transparency
  • Culture & Society
  • Policy Talks
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • Ambassador’s Corner
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT