European carbon prices rose to €82/t in July

At present, the market is largely focused on assessing the ETS reform

According to ICE, European carbon prices (EUA, December 2026 contract) fluctuated in July between €79.4 and almost €82/t.

The highest price so far this month was recorded on 6 July – €81.8/t, with the high for that trading day standing at €82/t.

In mid-July, European carbon prices continued to exceed €80/t against a backdrop of growing speculative long positions ahead of the presentation of the Emissions Trading Scheme (ETS) reform package. As Carbon Pulse notes, this development is overshadowing other signals, notably the further escalation of the conflict in the Middle East and rising electricity prices in the region.

Overall, the EUA market this month has so far remained largely focused on announcements regarding the ETS review.

On 17 July, the European Commission will present a major reform of the Emissions Trading System, which may include the introduction of additional allowances onto the market, the setting of a trajectory for free allocation to industry linked to investment commitments, and the recalibration of the Market Stability Reserve (MSR). These proposals are intended to provide an insight into how Brussels plans to align its climate targets with its industrial policy.

It should be noted that on 6 July, the European Commission published the reference price for the Cross-Border Carbon Adjustment Mechanism (CBAM) allowance for the second quarter of 2026 — it stands at €75.28 per tonne of CO₂. The price for the first quarter was set at €75.36 per tonne.