Europe’s carbon price hits record high of €100 per ton

Europe’s carbon price hit a record 100 euros ($106) per ton on Tuesday, hitting a historical benchmark that boosts the economic case for some green technologies and hits industry with its largest bill yet for carbon dioxide emissions

By 1045 GMT, EU Allowance (EUA) was trading at 100.07 euros per ton and its contract reached 100.70 euros per ton.

Manufacturers are now forced to pay for their carbon dioxide emissions according to rules specified by the European Union’s Emissions Trading System (ETS).

This step comes within the European Union’s effort to meet its environmental targets of reducing emissions and transforming into clean energy.