Carbon Price

Carbon Price

Embrace the Green Revolution: Secure Daily Carbon Prices

March 27, 2024

Under the mandatory market in which the emission cap is regulated, governments set reduction targets and issue allowances to regulated targets for carbon trading, such as the EU Emissions Trading System (EU ETS), Chinese national carbon trading scheme, and the Californian Cap-and-Trade Program.


The European Union Allowance (EUA) prices for March averaged at EUR 59.39 per tonne, up 3.11% from the previous month. The EU carbon market stabilized in March compared to February, with prices rising to over EUR 60 per tonne by the end of the month. Price fluctuations this month were correlated with natural gas prices. Earlier the month, US liquefied natural gas (LNG) production was reduced due to low prices, resulting in price increases in both natural gas and EUA prices. In mid-month, sluggish natural gas prices as well as allowance auctions pushed prices down to EUR 56 per tonne, which later rebounded owing to disruptions in natural gas production, downward revisions in temperature forecasts, and an unexpected power outage at a French nuclear power plant. It is expected that EUA price fluctuations will continue to be influenced by natural gas prices in the next few months, with no significant breakthroughs anticipated.

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The EU Emissions Trading System (EU ETS) is introduced in 2005 and uses EUA as the trading unit. It covers energy-intensive industries, including steel plants, aluminum plants and cement plants. The system has gradually reduced allowances for the emission


The China Emission Allowance (CEA) prices for March averaged at RMB 82.59 per tonne, up 6.76% from the previous month. In early March, the Chinese carbon market was stable, with participants optimistic about the future market expansion. This sentiment continued until mid-month when carbon prices reached a historical high of RMB 85 per tonne. With new carbon trading regulations set to take effect in May, market participants will face severe penalties for non-compliance. While there is currently no substantial compliance demand from enterprises, the market remains buoyant due to optimistic expectations for policy updates. Additionally, the Chinese Ministry of Ecology and Environment has published the draft guidelines for CO2 emissions calculation and reporting for the aluminum industry, as part of the expansion of emission trading schemes. If industry coverage is confirmed to expand this year, it will further drive CEA prices to record highs.


China's national emissions trading scheme (ETS) has begun operating on a trading platform using Carbon Emission Allowances (CEAs) as the unit since July 2021. It can be conducted through one-way bidding, listing agreement transactions and block agreement
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