The price of European carbon allowances (EUAs) hit an eight week high during the week as bipartisan support grows to repair the EU ETS via the ‘backloading’ of 900mt of allowances. EUA prices rose to €4.50 (A$6.26) on Wednesday close, up 7% on the day and up 60% from an April 17 low of €2.75 (A$3.82) immediately following the initial defeat of backloading in the European Parliament (EP).
For the first time we appear to be seeing real bipartisan support for backloading, with