Dear Sir or Madam,
In Germany, the word of the year was chosen by the German Language Society last week, in keeping with the World Climate Change Conference in Katowice: Hot-Time.
One of the most impressive speeches was given by 15-year-old Swedish environmental activist Greta Thunberg, who has been raising awareness of climate change through a school strike with the “Climate Justice Now” initiative since this summer. She says in clear and understandable terms that the politicians from cowardice do not pull the emergency and finally do something serious about climate change. “You are not even mature enough to tell us the truth. Even this burden is left to us children. “, The intelligent girl explains and denounces the consequences of our western-decadent consumer society. She called on politicians from around 200 countries to treat the climate crisis as an existential crisis and end the use of fossil fuels. She goes on to say: “If solutions are so hard to find in this system, then maybe we need to change the system.”
The unpopularity of political action towards the decarbonisation of society has recently been demonstrated in France, when the government wanted to tax fossil fuels higher, causing unrest across the country through the “yellow west” movement. The governments of the western industrialized countries now have the difficult task of combating climate change while avoiding social conflicts.
In Polish Katowice, the 24th Conference of the Parties (COP24) came to an end after an extension. Following the Paris Climate Agreement, arrangements were agreed on how to achieve the objectives of the 2015 Agreement. Furthermore, the report of the Intergovernmental Panel on Climate Change, of which we reported a few weeks ago, was accepted, even if the wording used here appears absurd.
Unfortunately, binding regulations, which oblige the states to reduce greenhouse gas emissions, are missing completely and there are no sanctions in case of non-compliant, own goals of the participating states.
However, the conference set further targets for payments to cover the poorer states affected by climate change by 2025. Furthermore, from 2024 on there should be a transparent global data collection on the development of greenhouse gas emissions, since this currently does not exist.
Next year, the world climate conference COP25 will take place in Chile. There is one of the priorities of Carbon trading, in which the European Union plays a leading role. Insofar as European emissions trading proves its effectiveness as an optimal market policy instrument for reducing greenhouse gas emissions in the EU through the renewals adopted in 2017, further regions will follow and the way to global emissions trading will be further developed.
Whether this ultimately leads to more justice in the world and to a more sustainable consumption behavior, or whether a free ticket will “continue to be”, as Greta Thunberg executes in her remarkable speech will show.
Prices for European emission allowances increased significantly last week by 15% to more than € 23 per tonne of CO2, due in particular to the fact that today the last auction for this year takes place on the EEX and therefore less volume is available on the market. And high prices for the emission of greenhouse gases is a valid reason for the polluters to avoid their emissions.
| (Average Quotes Exchange / OTC) | |||
| Instrument | 2018-12-07 | 2018-12-14 | Change |
| EUA (Spotmarket) | 20.30 EUR | 23.36 EUR | +3.06 EUR |
| EUA (December-2018-Future) | 20.30 EUR | 23.37 EUR | +3.07 EUR |
| CER (Spotmarket) | 0.25 EUR | 0.25 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 60.89 USD | 60.11 USD | -0.78 USD |
| EURO (Currency, Forex) | 1.1396 USD | 1.1305 USD | -0.0091 USD |
(The average exchange quotes and OTC-prices shows the average between bids and ask of several exchanges and OTC markets for carbon emission rights in the ETS. Bid and ask has usually in Spot Market a visible spread. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into EUA. Crude Oil and Euro Currency shows day-end-exchange quotes. This market information has just an informational character and are no advice or offer to trade carbon emission rights 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 +44.20.79790283.
With kind regards,
Advantag Services GmbH