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.
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