The Financial Times – Mark Lewis

Check which energy commodity has performed best over the past 12 months and you might be surprised. Oil? No. Gas? Try again. Coal? Bad luck, you only get three guesses.

The answer is EU carbon allowances, or European Allowances (EUAs) to give them their proper name. EUAs are the carbon allowances that serve as the unit of compliance under the European emissions-trading scheme (EU-ETS), with each EUA entitling the energy-intensive industries covered by the scheme — mainly power generators, steel companies, cement companies, and oil refiners — to emit one tonne of CO2.

Read the full op-ed in the Financial Times, by our Head of Research Mark Lewis, here. The FT markets section ran this op-ed, which was the first op-ed on carbon pricing by the title.