Funds that helped drive carbon costs to record high are now selling

Investors have helped drive the cost of polluting to a record in Europe, the world's largest emissions market. Now they are taking some money off the table.

Ulrik Fugmann and Edward Lees from BNP Paribas Asset Management | Photo: PR / BNP Paribas Asset Management

A BNP Paribas Asset Management fund with more than EUR 3bn (USD 3.6bn) under management closed some of its bets on rising carbon prices after a gain of more than 100 percent, according to its co-manager Edward Lees.

Investors slashed their bullish positions on pollution permits by 38 percent from an all-time high in April, exchange data showed.

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