“We’ve seen an encouraging rise in permit prices, so it’s no surprise that we see it as essential that the instrument continues to work as it should do,” Schulze said. “That’s logical. It makes no sense at all to implement an exit from coal here, only to export pollution licenses into the wider European system.”

And

“Scarcity is central to the aims of the European carbon trading market.”

Eoin Treacy's view

Regardless of how one feels about the merits of carbon credits there is no arguing with state sponsored bull markets.

The EU Carbon Credit future broke out to new highs today. It has held a sequence of higher major reaction lows since the middle of 2017 and a sustained move below the trend mean would be required to question the consistency of the advance.