Emissions Trading / Carbon Market News (06/05/2024)

Ladies and Gentlemen,

At the beginning of last week, the leading Western industrialized nations (G7) agreed in Turin (Italy) to phase out coal by 2035. Italy holds the G7 presidency this year.

This is three years earlier than Germany had legally stipulated. In North Rhine-Westphalia, the coal phase-out has already been set for 2030, but in the east of the republic, Saxony-Anhalt, Saxony and Brandenburg, there were already reservations about a phase-out before 2038. Now that 2035 has been set, the structural change in these German federal states must be driven forward more quickly.

As suspected last week, the price of emission rights moved between the 38- and 200-day lines in the past trading week, even though a brief upward breakout from this price range was attempted on Friday.

On a weekly closing price basis, there was an increase of more than two euros and a closing price for the December benchmark contract of just above the 72 euro mark.

As this Thursday is Ascension Day, the auctions on Thursday and Friday have been cancelled. As a result, only 8,509,000 EUAs will be auctioned on the EEX energy exchange in Leipzig.

    (Average Quotes Exchange / OTC)       
EUA (December-2024-Future)69.92 EUR72.01 EUR+2.09 EUR
VER (Natural Carbon Offsets)1.40 USD0.96 USD-0.44 USD
VER (CORSIA eligible Carbon Offsets)0.59 USD0.38 USD-0.21 USD
nEZ (German National Carbon Units)45.00 EUR45.00 EUR+0.00 EUR
ICE Brent Crude Oil (Benchmark Future)88.06 USD82.67 USD-5.39 USD
EURO (Currency, Forex)1.0690 USD1.0757 USD+0.0067 USD

(The VER quotes are average rates (carboncredits.com), which can be used within the framework of CORSIA and voluntary carbon offsetting. 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.

With kind regards,

ADVANTAG Services GmbH