The price of permits on the European Union's carbon market hit 100 euros ($106.57) per tonne for the first time on Tuesday, a milestone that reflects the increased costs that factories and power plants must pay when they pollute.
Other EU countries view a robust carbon price as vital to meeting climate goals. A diplomat from one EU country, who spoke on condition of anonymity, said a strong carbon market sent "the right signals" to investors and industry on the need to accelerate the transition from fossil fuels.The EU ETS was launched in 2005 and the price dropped to nearly zero in 2007 during the global financial crisis when the market was heavily over-supplied.
The 100-euro level has long been cited as a price that could incentivise some of the expensive technologies seen as necessary to limit global warming. "I wouldn't underestimate the symbolic importance of it. People will start realising we're in a new paradigm," Lewis added, but said reaching 100 euros once did not guarantee prices would remain above that level.
The iron and steel sector is among those looking to green hydrogen to help with the difficult task of producing carbon-neutral steel.
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