A market stability reserve introduced to fix CO2 emission rights market irregularities detected earlier this decade is now offering more effective protection against potentially dangerous extreme fluctuations, European Commission officials noted at a Brussels news conference.

“The adjustments have been implemented and are working. We’re not claiming that the CO2 market is working because of the revisions, as, in actual fact, this is a market system. Market forces are determining prices,” a Brussels official pointed out. “Obviously, we will see CO2 emission right price increases amid economic growth and increased productivity,” the official added.

The CO2 emission rights market is fundamental to the EU’s decarbonization targets, European Commission officials stressed.

It is no longer necessary, following the Paris Agreement (COP21), to keep explaining why more needs to be done about climate change, Brussels officials highlighted.

CO2 emission right prices reached as high as 26 euros per ton in recent times but, last week, deescalated to levels of around 16 euros per ton.

As a country whose energy system remains heavily reliant on lignite-based electricity production, Greece is among the EU member states currently restricted to less ambitious decarbonization targets. A slower transformation process is needed.