LSEG report record $949 billion in global carbon market value last year
![LSEG report record $949 billion in global carbon market value last year](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/global-carbon-emission-with-construction-background.jpg)
In 2023, global carbon dioxide (CO2) permit markets hit a record value of 881 billion euros ($948.75 billion), marking a 2% increase from the previous year, as reported by LSEG analysts on Monday.
Emissions trading systems (ETS) launched by many countries and regions aim to price carbon dioxide (CO2) emissions, encouraging companies to invest in low-carbon technology and aid in achieving climate targets.
In 2023, approximately 12.5 billion metric tons of carbon permits were traded globally, similar to 2022. However, record prices in markets like Europe and North America increased the overall value, as stated in the LSEG Carbon Market Year in Review 2023.
The EU’s ETS remained the world’s most valuable carbon market, reaching around 770 billion euros last year. This figure marked a 2% increase from the previous year, accounting for 87% of the global total.
“Economic growth is likely to remain sluggish in the near term across Europe and is expected to lead to further demand destruction from many of the industrial sectors covered by the EU ETS,” the report said.
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