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EU Policy
Tom Young
11 February 2025
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EU ETS prices rally on cold weather and high gas prices

Rising prices have added to concerns over CBAM impact on the competitiveness of EU manufacturing

EU emissions trading scheme (ETS) allowance prices hit a one-year-high of €84.35/tCO₂e ($68.13/tCO₂e) in early February amid cold weather and high gas prices. Prices have risen by around 30% since December, although they remain below the levels that many CCS project developers in Europe deem necessary to drive investment in emissions abatement, widely regarded as at least €100/t. Recent price increases were also linked to a suspension of allowance auctions during the holiday period. Auctions returned on the 7 January, but the additional supply has not yet depressed prices. “Fuel-switching and weather are critical drivers” Vertis Environmental Finance Higher gas prices have meant gas-

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