The EU carbon price hit a record high on Tuesday, reaching EUR 50.05/ton, almost twice the level before the COVID-19 epidemic and a new high since 2005.

Although the carbon price fell back a bit later, analysts believed that it would still rise to stimulate and innovate clean energy in the long run.

The primary key to the price increase was that the EU's recent decision to reduce carbon emissions to lower than 1990 levels by 2030.

Companies in the steel industry and other highly polluting industries, such as cement and petrochemical industries, requested the EU to impose a carbon border adjustment tax on imported products as soon as possible to maintain their competitiveness.