A record $63 billion was raised from the sale of carbon allowances across 28 emission trading systems (ETS) in 2022, as many countries increased ambitions to cut pollution despite record high energy prices following Russia’s invasion of Ukraine, a report said on Wednesday.
"Instead of weakening climate ambitions, the energy crisis pushed governments towards ending their fossil fuel dependency quicker, supported by policies like emissions trading," said Stefano De Clara, head of intergovernmental forum International Carbon Action Partnership (ICAP).