In the coming days or weeks, experts expect the emission price of carbon dioxide (CO₂) to exceed 100 euros for the first time, a psychological barrier that was already overcome a few days ago in the futures market. This is an unthinkable price just five years ago, when the price stood at 16 euros after years of stagnating at around six euros, and it could have a very distant ceiling, which the most daring place at 400 euros.
“The CO₂ rate is basic to make the energy transition. When the price of gas falls, it will be necessary for the emission right to rise to encourage investment in alternative renewable energies to gas”, warns Joan Vila Simon, president of the Energy commission of the employers' association of micro, small and medium-sized companies in Catalonia (Pimec). Vila, who is the owner of the LC Paper 1881 company, recalls that "until the price of the right reached 25 euros, it was not possible to discourage investment in coal."
The emission right was created with the purpose of promoting the transition towards an energy model that is less damaging to the planet's climate. However, without measures that protect European companies against foreign competitors that do not have to face this rate, what could end up driving the closure or relocation of industries. “In LCP Paper 1881 we have many difficulties to compete with Turkey”, laments Vila.
To prevent the escape of the companies that emit the most greenhouse gases, at the end of 2022 the European institutions approved a tariff to tax the imports of some goods whose production emits large amounts of carbon dioxide. However, there is no date yet for its implementation. It has only been established that as of October 1, 2023, importing companies will have the obligation to notify their carbon emissions, but without paying any rights for them.
Emission allowances (known as EUAs) are currently required to be paid by European companies whose activities are subject to the European Emissions Trading Scheme, such as fossil fuel-fired power plants, energy-intensive companies such as refineries, steel or cement companies or airlines operating in Europe. "The price of the right varies depending on supply and demand, and the price goes up and down, like on the stock market," explains Ismael Romeo, from Sendeco2, a company specialized in buying and selling emission rights.
“Now it is going up because we are approaching April 30, the deadline for companies to pay for their emissions from the previous year, but there is also a speculative component of investors who buy now to sell later, when the economy recovers and, with it, , increase emissions”, adds Romeo.
