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EU carbon permit prices approached record levels of nearly €100 a tonne in February, as warmer weather helped ease the energy crisis and improved the region’s outlook, raising the prospect of higher activity and industrial firms’ demand for permits. The European Union’s Emissions Trading System (ETS) forces manufacturers, power companies, and airlines to pay for each tonne of carbon dioxide they emit as part of Europe’s efforts to meet its climate targets. EU Allowances are expected to average 81.40 euros a tonne in 2023 and 94.14 euros in 2024, up 4.2% and 1.9%, respectively, from forecasts made in October.

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