In the EU, the price for a tonne of carbon dioxide emissions in emissions trading has risen above 100 euros for the first time. The rights to emit greenhouse gases were traded at 100.21 euros per ton on Tuesday afternoon. Traders attributed the increased costs to expected cooler weather and decreasing winds in the coming days.
Since this means that electricity generation from renewable energies will decrease while energy demand increases at the same time, speculation is being made that demand for fossil fuels will increase. The development could reignite the dispute in the EU over trading in certificates.
Poland, which generates a large proportion of its electricity from coal, has already asked the EU to cap price peaks. Spain had also demanded a price cap for CO2 emissions in order to combat inflation.
Irrespective of this development, the EU member states agreed on Tuesday to bring forward plans to auction off emission allowances. This is intended to raise EUR 20 billion to combat the consequences of not using gas from Russia. Subsidies for the expansion of renewable energies and energy-saving renovations are planned.
In December, the EU institutions agreed to tighten the rules for emissions trading to combat global warming. According to this, greenhouse gas emissions are to be reduced by 62 percent by 2030 compared to 2005 levels.