On Friday, European Union's carbon permit price hit a new high, closing at above 96 euros, with analysts predicting that the landmark 100-euro mark will be reached soon.
The EU emissions trading system (ETS), which was launched in 2005, mandates factories, power plants, and airlines to pay for each tonne of carbon dioxide they emit - the higher the permit price, the higher the cost of producing emissions, though some companies receive free permits to help them stay cost competitive in global markets.
