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On Friday, Germany approved the plan to raise the price on carbon dioxide emissions by more than agreed on previously on Dec. 15. The country currently has a levy on CO2 emissions from fuel of 30 euros per ton of CO2.

COP28 has officially concluded. While the global carbon price is not set to be standardized, the concept of "carbon pricing" has begun to ferment. Governments and large corporations alike have established carbon pricing mechanisms.

The IMF is keen to see the price of carbon increase to give the "biggest possible incentive for decarbonization.” “That price needs to go up, up, up if we are to speed up decarbonization", said its Managing Director Kristalina Georgieva at COP28.

In line with measures announced by the EU, the UK also plans to implement a carbon border tax starting from 2026.

Indonesia launched its first carbon emissions trading market to curb the climate impact of its coal-dominated power sector.

China’s carbon price continues to rise, setting a fresh record on Aug. 11 as Beijing pushes power generators to obtain sufficient permits for the year.

Poor quality data and supply shortages remain key hurdles for China’s national carbon ETS. The world’s largest carbon market has seen lower-than-expected trading volume and weak carbon prices in the past year.

Indonesia and the UK signed an implementing arrangement to assist the Southeast Asian country in establishing carbon pricing.

Hedge fund manager Per Lekander, who has been historically bullish on carbon prices, is predicting that carbon credit prices will drop as Europe speeds up energy transition.

Analysts have trimmed average price forecasts for EU carbon permits on expectations of lower demand from the power sector as renewable generation increases.