The value of carbon credits, which companies buy in order to be allowed to emit 1t of carbon, has almost doubled since the beginning of the year.
The EU’s Emissions Trading System (ETS) allows those storing carbon, like farmers and forest owners, to trade that carbon with those emitting carbon.
The price of that carbon increased to €60.76/t in the last two days of August. It had been rising steadily since 19 August when it was at €53.50/t.
The price has almost doubled since the start of the year – it was at €33.69/t on 4 January. The price reported is the December 2021 futures price.
As carbon markets look positive farmers, will no doubt be eagerly awaiting Minister for the Environment Eamon Ryan’s plans to pay farmers to store carbon which he announced in late June.