Tougher Penalties for Polluters Push China Carbon to New Record

(Bloomberg) — China’s carbon allowances soared to a record, driven by pending changes to the nation’s emissions trading system that will put new pressure on polluters.

Spot prices rose to 83.27 yuan ($11.58) a ton Thursday to extend gains since the end of January to almost 20%. Prices have averaged less than 60 yuan a ton since the market — which currently covers about 2,200 utilities responsible — was launched in 2021.