In 2023, the value of global carbon dioxide (CO2) permits traded hit a record high of 881 billion euros ($948.75 billion), marking a 2% increase from the previous year, as per analysts at LSEG, reported on Monday.
Numerous countries and regions have initiated emissions trading systems (ETS) to assign a price to carbon dioxide (CO2) emissions. This move aims to encourage companies to invest in low carbon technology and aid in achieving climate targets.
The LSEG Carbon Market Year in Review 2023 indicated that approximately 12.5 billion metric tons of carbon permits were exchanged worldwide, similar to 2022. However, record prices in several markets such as Europe and North America drove up the overall value.
The European Union's ETS, the world's most valuable carbon market, was valued at around 770 billion euros last year, representing a 2% increase from the previous year and accounting for 87% of the global total.
The price of carbon permits in the EU ETS peaked at over 100 euros in February last year but declined towards the end of 2023 due to weak demand from industrial buyers and the power sector. This downward trend has persisted into 2024, with the benchmark contract dropping below 60 euros/ton.
The report noted that sluggish economic growth in Europe is expected to further reduce demand from many industrial sectors covered by the EU ETS.
Meanwhile, the value of the UK's ETS decreased by 22% to 36.4 billion euros, with prices averaging around 65 euros/ton, a 34% decrease from the 2022 average.
In North America, prices soared to record highs in major compliance markets last year, reaching $39/ton in the Western Climate Initiative and over $15/ton in the Regional Greenhouse Gas Initiative.
In China, prices in the national ETS also reached a record high in 2023, hitting 80.51 yuan ($11.19) in October.
Overall, the North American markets were valued at a combined 71.4 billion euros, while the Chinese market was valued at 2.3 billion euros.
(Conversion rates: $1 = 0.9286 euros, $1 = 7.1929 Chinese yuan renminbi)
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