Dear Sir or Madam,
The 17th Petersberg Climate Dialogue took place in Berlin on 21 and 22 April 2026. It was dominated by the global energy crisis, driven by geopolitical tensions such as the war in Iran and high energy prices. Representatives from more than 30 countries discussed the transition away from fossil fuels and the acceleration of the energy transition.
German Chancellor Friedrich Merz emphasised the importance of closely linking climate protection measures with economic growth. In doing so, he placed security of supply and the affordability of energy at the centre of the political agenda.
In light of the current energy crisis, the majority of participants viewed a faster phase-out of fossil fuels as urgently necessary to reduce dependence on them. Furthermore, Germany emphasised that it remains a reliable partner for countries particularly hard hit by climate change.
One aim of the dialogue was to forge new alliances ahead of upcoming international climate conferences, such as the COP31 World Climate Conference in Antalya, Turkey, in November. Discussions focused in particular on climate finance and strategies for adapting to climate change.
The dialogue demonstrated that the energy crisis can be used as a catalyst for the expansion of renewable energy, although the implementation of concrete measures and financing remain major challenges.
In the Middle East, the stalemate between the US and Iran appears to be becoming further entrenched, which is further delaying short-term oil supplies from the region. Added to this is the fact that, from May, Russia no longer intends to supply oil from Kazakhstan via the Druzhba pipeline to the PCK refinery in Schwedt, Brandenburg, as announced by the German subsidiary of the Russian group Rosneft, which is currently under state trusteeship.
Following Iran, Russia has now also realised how it can put pressure on Europe during the current supply bottleneck.
Experts are unsure how long it will take to trigger a serious supply crisis for diesel and kerosene in Germany, but it seems sensible to focus on measures that are suitable for ensuring security of supply. A reduction in fuel prices – though most agree on this – is definitely not one of them, as it sends the wrong signals regarding consumer behaviour.
Last week, EU emission allowances traded within a range of €74.09 to €76.95 in the benchmark contract and ended the week down 3.3% due to the ongoing uncertainty in the Middle East.
Due to the May Day bank holiday on Friday, auctions with a total volume of 9,662,000 EUAs will take place on only four days this week on the Leipzig Energy Exchange (EEX).
| Instrument | 17/04/26 | 24/04/26 | Change |
| EUA (December-26-Future) | 77.46 EUR | 74.90 EUR | -2.56 EUR |
| EUA2 (December-28-Future) | 68.50 EUR | 67.23 EUR | -1.27 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-26-Future (UK)) | 51.70 GBP | 50.47 GBP | -1.23 GBP |
| UK Natural Gas (December-26-Future) | 101.90 GBP | 115.79 GBP | +13.89 GBP |
| ICE Brent Crude Oil (December-26-Future) | 78.45 USD | 84.81 USD | +6.36 USD |
| EURO (Forex) | 1.1765 USD | 1.1721 USD | -0.0044 USD |
(EUA, EUA2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances or their futures and options. If you want to unsubscribe, please reply to this mail.)
Please call our international carbon desk if any further questions exist: +49.2831.1348220 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team