The price of carbon has increased in the European Union's Emissions Trading System

European Union Emissions Trading System, which is one of the biggest and most established carbon markets in the world, aims to reduce greenhouse gas emmissions by putting a price on carbon. The carbon prices in the European Union Emissions Trade System was around 10 euros just a few years ago but it has exceeded 100 euros per metric ton of CO2 as of February 2023. The prices have increased by about 20% since the beginning of 2023. Policy changes, market forces and global trends led to significant fluctuations in the carbon prices over the years.