(Bloomberg) -- European carbon allowances fell Monday morning as traders digested how gains by right-wing parties in the bloc’s parliamentary elections might affect efforts to tackle climate change. 

While centrist parties are set to preserve the majorities that delivered Europe’s main climate legislation in recent years, a decline of the Greens underscores a shift in European voters’ priorities after the energy crisis and economic shock since Russia’s invasion of Ukraine.

Benchmark carbon futures for December fell as much as 2.3% to €69.75 per metric ton, the lowest since May 17.

“A strong and confident right will probably succeed in blocking new climate legislation that puts costs on households and industries,” said Ingvild Sørhus, who focuses on carbon at Oslo-based analysis firm Veyt. 

Read: Green Wipeout Means Fights Ahead to Keep Europe’s Climate Goals

Sørhus added she doesn’t expect the European Union’s new Parliament to backtrack on existing laws and regulations, which have been revised recently to ensure the bloc reaches its goal of slashing emissions 55% by 2030 compared to 1990 levels.

Europe’s carbon market puts a price on CO2 emissions from thousands of plants and factories. The market is set to tighten in the coming years and fewer permits will be given away for free, a mechanism designed to encourage manufacturers to reduce emissions.

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