Telegraph – Jillian Ambrose
Europe’s carbon price is set to double in the next three years creating a major market push towards cleaner power and factories.
The market allowances, which are used by Europe’s most polluting industries to offset their carbon emissions, have already tripled in value in the last year.
Fresh analysis shows that the price of carbon is set to double by 2021 and could even quadruple by the end of the next decade.
The carbon market has won support across the board, from renewable start-ups to Big Oil, as an important lever to create a market-driven solution to encouraging companies to reduce their emissions.
But the market has had limited success after the price fell to lows of €4.38 a tonne in May 2017 due to a chronic oversupply of allowances leftover in the market after the financial crisis caused industrial growth in Europe to stall.
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