EU carbon market shrugs off pandemic

FINANCIAL TIMES đź”’| In the face of the worst economic hit since Europe started trading emissions 15 years ago, carbon allowances have surprised many doubters to become the best performing energy commodity since the pandemic prompted lockdowns around the world.

Despite the IMF now expecting EU GDP to contract by 8 per cent this year, with emissions expected to fall sharply as industrial output slows, European carbon allowances (EUAs) have instead shrugged off a brief wobble to soar back above pre-lockdown levels, reaching a nine-month high above €27 a tonne on Tuesday.

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