Dear Madam or Sir,
Multnomah County is located in the US state of Oregon in the northwest of the United States of America. The county has now filed a lawsuit against a total of 17 oil and gas companies, including BP, Chevron, Exxon Mobil, and Shell.
Herein, Multnomah County is seeking $51.5 billion in damages for the deadly 2021 Pacific Northwest heatwave, which claimed approximately 800 lives. The county believes, these companies are responsible for the heat dome event because of their contribution to global warming.
The lawsuit seeks $50 million for actual damage from the heatwave and $1.5 billion for future damage. In addition, the plaintiffs are seeking an additional $50 billion for a fund to prepare for future extreme weather events.
This lawsuit marks the 36th time oil and gas companies have been sued for causing harm, according to plaintiffs, from global warming.
But Big-Oil is currently still assuming that it will continue to produce around 100 million barrels a day in 2050, as Exxon Mobile reported in a report to the US Securities and Exchange Commission. According to calculations by the International Energy Agency (IEA), however, production must fall to less than 30 million barrels per day to limit global warming to 1.5°C compared to the pre-industrial age in accordance with the Paris climate protection agreement.
Global emissions trading makes an important contribution here, which gives the control effect in the direction of climate-friendly transport and heating systems – and carbon pricing will play an increasingly important role in the future.
In the past week, the prices for EU carbon emission allowances have slowly worked their way up a resistance line but have not been able to sustainably break through this technical sideways downline.
The new EEX auction calendar has been in effect since this week for the first time and a total of 12,589,500 EUAs are auctioned on all five trading days. It will be interesting to see how the market absorbs the higher volume this week, although most of it should already be priced in.
| (Average Quotes Exchange / OTC) | ||||
| Instrument | 23/06/23 | 30/06/23 | Change | |
| EUA (Spot-Market) | 86.81 EUR | 88.09 EUR | +1.28 EUR | |
| EUA (December-2023-Future) | 87.88 EUR | 89.08 EUR | +1.20 EUR | |
| VER (Natural Carbon Offsets) | 1.64 USD | 2.01 USD | +0.37 USD | |
| VER (CORSIA eligible Carbon Offsets) | 1.04 USD | 1.15 USD | +0.11 USD | |
| nEZ (German National Carbon Units) | 30.00 EUR | 30.00 EUR | +0.00 EUR | |
| ICE Brent Crude Oil (Benchmark Future) | 74.21 USD | 75.13 USD | +0.92 USD | |
| EURO (Currency, Forex) | 1.0893 USD | 1.0912 USD | +0.0019 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. The VER quotes are average rates (carboncredits.com), which can be used within the framework of CORSIA and voluntary carbon offsetting. 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.
With kind regards,
ADVANTAG Services GmbH