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Polluting Is Getting Expensive in Europe Again: Carbon & Climate – Bloomberg

Polluting Is Getting Expensive in Europe Again: Carbon & Climate – Bloomberg.

The surge in European carbon permit prices may just be beginning.

The price of emission rights will rise 62 percent by June 30, according to the median of 16 trader and analyst estimates compiled by Bloomberg. UBS Group AG says costs may more than double in 2015. Carbon already jumped 44 percent this year, while the 22-member Bloomberg Commodities Index (BCOM) slid 14 percent.

The 28-nation European Union is tightening supply in the 40 billion-euro ($50 billion) emissions market after a glut caused prices to collapse to levels that don’t deter the burning of coal, the most polluting fuel, data compiled by Bloomberg show. Lawmakers want to spur more growth in renewable energy through the first permanent changes to the 10-year-old system.

“Because most governments selling allowances have a vested interest in higher prices, it will happen,” Louis Redshaw, a former head of carbon at Barclays Plc and founder of Redshaw Advisors Ltd., which buys and sells permits on behalf of factories, said Dec. 16 in London. “Painful” price swings are probable, he said.

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