This crisis could be the making of Europe’s carbon market

Volatility triggered by war in Ukraine brings a chance to force corporate investment in decarbonisation.

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Soaring energy prices are likely to mean curtailed industrial activity, reducing demand for permits. Set against that is the need to burn more coal in the scramble to reduce reliance on Russian gas, with Germany this week taking the first step towards the rationing of gas use by industry.
Soaring energy prices are likely to mean curtailed industrial activity, reducing demand for permits. Set against that is the need to burn more coal in the scramble to reduce reliance on Russian gas, with Germany this week taking the first step towards the rationing of gas use by industry. (Foto: Patrik Stollarz/AFP/NTB)