Each organization is allocated a fixed number of EU Allowances , representing a carbon credit of one ton of CO2 that may be emitted annually.
As highlighted by a working paper released by ClimateTrade, the price of these mandatory credits skyrocketed in the last four years from €6 at the start of 2018 to €80 today.
ClimateTrade alone has facilitated offsets in excess of two million tons of CO2 since it began trading in 2017.
In January, the company raised $8M in funding from major investors to develop its international efforts.
EEX recently partnered with another blockchain-based voluntary carbon market – AirCarbon Exchange.