Euro Markets: EUAs jump most in nearly two years as ETS reform talks avoid worst-case scenario

European carbon prices jumped by 6.3% on Friday, the biggest one-day rise since May 2024 and wiping out much of the week's losses after prices set an 11-month low on Thursday, as traders reacted with relief to the outcome of the EU summit, at which leaders called on the European Commission to hasten proposals for reform of the carbon market and in particular the Market Stability Reserve, and brushed aside calls to suspend the market.