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The price of carbon in Europe is at record highs. Could the world's biggest and most sophisticated

carbon market provide a model for the world? You're listening to Money Talks on

Economist Radio. Our weekly podcast on the markets, the economy and the world of

business. I'm Rachna Shahnbog, finance editor at The Economist. Also on today's show, we

hear from the founder of the world's largest independent digital bank about how the

pandemic has supercharged the Fintech Revolution. And from the school yard to the Stock Exchange,

the craze for sports cards reveals the growing financial power of social networks.

But first, carbon markets are a way of pricing pollution by issuing tradable permits for

emissions. And they're growing fast. Last year, the global carbon market value hit a record

of $278 billion, a five-fold increase from 2017. The European Union's emissions trading

system, or ETS, is by far the biggest and most liquid in the world. Around a billion

euros of emissions allowances change hands each day. The system's champions argue this

is proof of the role the market can play in fighting climate change.

For a long time, the system wasn't working very well at all. It had kind of big problems

with an oversupply of allowances and they allowed too many kind of cheap offsets into the scheme.

And that push prices took almost zero. Guys, Groven is the economist's climate risk correspondent.

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