How much is carbon worth? The cost of a permit for a European factory or power plant to emit a tonne of carbon dioxide has risen fivefold over the past three years. It topped €100 a tonne on Tuesday.
That is good news for the energy transition. But for an investor treating carbon as an asset class, a lot is now in the price.
Climate watchers should cheer the €100 milestone. For a long time, the cost of the allowances — covered by the EU’s cap and trade ETS system — was too low to influence company decisions. Finally, carbon has reached a price high enough to reflect environmental costs and to change behaviour.
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