Earlier this month, the EU’s benchmark carbon price topped 50 Euros for the first time, after hovering around 20 Euros before to the coronavirus outbreak.

This rally shows no signs of stopping according to analysts and traders and some expect it to reach over 100 Euros by year end.

The rally is fueled by the EU’s ambitious climate strategy and greater market financial investment. and warns of  “carbon leakage,” which occurs when businesses shift production (and emissions) elsewhere due to the relative cost of polluting in Europe.

Some at-risk industries have claimed that rising carbon prices will harm their efforts to invest in new technologies, delaying a much-needed industry shift away from fossil fuels. The airline, chemicals, steel and mining industries as being among those most at risk in the coming months.