On Tuesday, 19 November, the European Commission published its report on the EU carbon market for 2023, noting a 16.5% reduction in emissions in the sectors covered by the EU Emissions Trading System (ETS); these emissions are around 47.6% lower than 2005 levels.
This significant drop is largely the result of increasing renewable electricity production – mainly wind and solar power – and returning to gas as a replacement for coal in power generation.
The ETS generated...