European carbon prices reached €82 per metric ton in July 2026, driven by speculative trading ahead of the ETS reform announcement, with prices fluctuating between €79.4 and €82 throughout the month.

The European Commission will present a major ETS reform package on 17 July 2026, potentially including additional allowances, free allocation adjustments, and Market Stability Reserve recalibration.

The CBAM reference price for Q2 2026 remained stable at €75.28 per metric ton, closely matching Q1's €75.36, ensuring imported goods face equivalent carbon costs to domestic EU products.