Dear Sir or Madam,
Last Wednesday, the Japanese parliament passed a law requiring approximately 350 large companies to participate in the national Japanese emissions trading system, which will come into force in 2026.
Companies that emit at least 100,000 tonnes of carbon dioxide per year, such as emitters from the steel and automotive industries, are affected by this. This means that approximately 60 per cent of Japan’s greenhouse gas emissions will be priced in line with the EU Emissions Trading System (EU ETS).
A significant factor here is certainly the Carbon Border Adjustment Mechanism (CBAM), which will come into force in the EU next year and has already motivated China to extend emissions trading to other sectors.
The EU also decided last week to ease the CBAM. Smaller importers with goods that cause less than 50 tonnes of CO2 in production will not be subject to the levy.
The price for one tonne of CO2 or its equivalent in other greenhouse gases is based on the average weekly price of emission allowances in the EU ETS (EUA).
In the past trading week, EUAs fell by 1.6% on a weekly closing basis. In addition to the effects of Donald Trump’s erratic tariff policy, the OPEC+ decision to increase oil production by 411,000 barrels per day from July onwards also put pressure on oil and gas prices.
This week, 11,343,500 EUAs will be auctioned on four trading days on the European Energy Exchange, more than double the volume of the previous week, which was short due to public holidays.
In addition, national German emissions trading auctions will resume this week. Until the beginning of December, national emission allowances will be auctioned on Tuesdays and Thursdays on the EEX at a fixed price of 55.00 euros for the current calendar year 2025.
Furthermore, until 18 September 2025, allowances will still be offered under the 10% top-up option for the 2024 annual code at a price of €45.00 per nEZ.
We are also happy to assist you with additional purchases of 2024 allowances that exceed the 10% top-up rule.
| Instrument | 23/05/25 | 30/05/25 | Change |
| EUA (December-25-Future) | 71.56 EUR | 70.41 EUR | -1.15 EUR |
| EUA 2 (December-28-Future) | 81.03 EUR | 78.46 EUR | -2.57 EUR |
| nEZ (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-25-Future (UK)) | 51.69 GBP | 51.26 GBP | -0.43 GBP |
| UK Natural Gas (December-25-Future) | 98.93 GBP | 93.29 GBP | -5.64 GBP |
| ICE Brent Crude Oil (December-25-Future) | 63.15 USD | 61.41 USD | -1.74 USD |
| EURO (Forex) | 1.1364 USD | 1.1348 USD | -0.0016 USD |
(EUA, EUA 2, 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