French president Emmanuel Macron says Europe needs a higher carbon price in order to generate the investment needed for a successful energy transition.
MacronIn a speech at the Sorbonne, the French premier presented a series of proposals to reform the 28-nation European Union, Macron said Europe had to give “the right price signal” for carbon emissions, and make them sufficiently high enough to attract investments.
He said that a carbon price below 25 to 30 euros ($35.31) per tonne was not efficient to spur investments in renewable energy and energy efficiency.

“If in the years ahead, we don’t have a significant price of carbon per tonne to allow for a profound change in our economies, then it would be worthless,” Macron said in his speech. “We must work toward that horizon. From today, we must organize ourselves and do it. It is indispensable.”

Macron added that the ecological transition he was proposing also required Europe to have a common energy market and to develop more electricity interconnections.

France and Germany said earlier this month they want an agreement on the European Union’s carbon market reform by November.