Month: October 2025

Dear Sir or Madam,

The planned international agreement to introduce a CO₂ pricing system for shipping will not be implemented for the time being. The member states of the United Nations International Maritime Organisation have decided to postpone the vote on the agreement until a later date.

The decisive factor here was the position of the United States, which had exerted considerable pressure in recent days to prevent the project. On Thursday, US President Donald Trump expressed his opposition to the agreement on his online platform and threatened countries that would vote in favour of the agreement with sanctions and other punitive measures.

Last April, a majority of member states had already expressed their support in principle for the introduction of a CO₂ pricing system in international shipping. The proposed regulations were to apply from 2027 and affect large ships with a cargo capacity of over 5,000 tonnes, which account for around 85 per cent of total CO₂ emissions from international shipping.

The money collected in the system is to be channelled through a fund into research into new fuels and technologies and to support financially weak countries and small island states that are particularly affected by climate change. The fund could amount to ten to twelve billion dollars annually.

The project has the support of China, Brazil, the United Kingdom and the European Union, among others.

Prices for EU emission allowances traded in a range between €76.68 and €79.90 last week, but showed no significant ambition to break through the €80 mark. On a weekly closing basis, they fell minimally by 0.3%.

There will be no Polish Wednesday auction this week, which means that 2,162,000 EUAs, or 15.8% less than in the previous week, will be auctioned on the EEX. The volume on the remaining four days is therefore 11,495,000 emission allowances.

Instrument	10/10/25	17/10/25	Change
EUA (December-25-Future)	79.68 EUR	79.46 EUR	-0.22 EUR
EUA2 (December-28-Future)	87.66 EUR	86.23 EUR	-1.43 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	55.53 GBP	56.46 GBP	+0.93 GBP
UK Natural Gas (December-25-Future)	84.22 GBP	82.68 GBP	-1.54 GBP
ICE Brent Crude Oil (December-25-Future)	62.73 USD	61.29 USD	-1.44 USD
EURO (Forex)	1.1623 USD	1.1653 USD	-0.0030 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

Dear Sir or Madam,

In future, it will be permitted to reduce unavoidable CO₂ emissions by capturing and permanently storing them in the seabed. The German Federal Cabinet has passed two draft bills to create the legal basis for CCS (carbon capture and storage) technologies, as announced last week by the German Federal Ministry for the Environment, Climate Protection, Nature Conservation and Nuclear Safety.

The Cabinet’s decision has two objectives: Firstly, an amendment to Article 6 of the London Protocol is to be ratified so that Germany can export CO₂ abroad for storage. On this basis, bilateral agreements on the export of CO₂ can also be concluded. In addition, it will be possible in future to store CO₂ both in the German subsoil of the exclusive economic zone (EEZ) and on the continental shelf.

The Carbon Dioxide Storage Act, which was passed in August 2025, places a particular emphasis on the protection of marine protected areas: the injection of CO₂ under these areas and in an eight-kilometre-wide buffer zone is prohibited. The same applies to the so-called coherence protection area south of the ‘Sylt Outer Reef/Eastern German Bight’ nature reserve. Furthermore, the rock layers intended for storage must not lie below protected marine areas.

Industrial companies that can make use of storage benefit simply from the fact that they do not have to purchase emission allowances in the EU ETS for the quantities of CO₂ captured and stored via CCS and can, if necessary, sell allowances allocated free of charge at a profit.

Last week, EU emission allowances briefly exceeded the €80 mark on Monday and tested it again on Friday. On a daily closing basis, the EUAs in the benchmark contract were also unable to remain above this psychologically important mark. The trading range for the last trading week was between €77.90 and €80.37.

If the bulls prevail this week, the next relevant technical resistance level would be in the region of 83 euros. If the 80-euro barrier cannot be broken on a daily closing basis, the next support level would be in the region of 76 euros. Meanwhile, the 200-day line is at 71.93 and the 38-day line rose to 76.40 euros.

This week, 13,657,500 EUA will be auctioned on all five trading days at the Leipzig EEX.

Instrument	03/10/25	10/10/25	Change
EUA (December-25-Future)	79.16 EUR	79.68 EUR	+0.52 EUR
EUA2 (December-28-Future)	87.13 EUR	87.66 EUR	+0.53 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	57.02 GBP	55.53 GBP	-1.49 GBP
UK Natural Gas (December-25-Future)	83.10 GBP	84.22 GBP	+1.12 GBP
ICE Brent Crude Oil (December-25-Future)	64.53 USD	62.73 USD	-1.80 USD
EURO (Forex)	1.1743 USD	1.1623 USD	-0.0120 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

Dear Sir or Madam,

Last week, the German Federal Environment Agency announced which regulated trading venue will conduct the auctions of national emission allowances in the coming year.

As expected, the Leipzig-based European Energy Exchange (EEX) was awarded the contract, as it is a regulated exchange with many years of experience and the technical expertise to carry this out. The EEX has been conducting auctions in national emissions trading in the fixed price phase since the beginning, as well as auctions in European emissions trading for more than 15 years.

In contrast to the previous fixed price phase, which began in 2021 at £25 per tonne of CO2 for distributors of fossil fuels in the building and transport sectors and rose to £55 in this final year as planned, next year’s auction will now take place within a price corridor of £55 to £65 per national emission allowance (nEZ26). Those who have not been successful in the auctions can still purchase allowances at a price of 70 euros until the end of August 2027, which should lead to a lively secondary market.

In addition to a moderate increase in EEX transaction fees, there are also increased eligibility requirements for participants in national emissions trading, which should also be seen as preparation for the transition to EU ETS2 planned for 2027.

Although the eligibility requirements have not yet been published, they will be based on the practices of the regulated market.

Currently approved participants who are already approved for exchange trading and clearing on the regulated market and have already participated in fixed-price sales in the nEHS will be automatically approved for auctions on the EEX and clearing with the ECC (European Commodity Clearing AG).

However, this will not affect the majority of obligated market participants, as they will be able to obtain the certificates they need as usual through their intermediary.

According to information from the Federal Environment Agency, the auctions are expected to begin in November 2026. The start date for auctions for additional purchases of nEZs with the 2025 annual identifier has not yet been announced.

In the European Emissions Trading System (EU ETS), bulls prevailed on the market last week, pushing up the price of EUAs by 4.2% on a weekly closing basis. With a weekly high of €79.55 in the benchmark contract on Friday, this also corresponds to a 7-month high, and it remains to be seen whether the market will break through the €80 barrier, as the market environment in the energy sector was rather bearish.

This week, 2.7% fewer EUAs will be auctioned on the EEX. The Polish auction on Wednesday will not take place as scheduled, but 796,500 EUAs from the Northern Irish quota will be auctioned in its place.

Instrument	26/09/25	03/10/25	Change
EUA (December-25-Future)	75.98 EUR	79.16 EUR	+3.18 EUR
EUA 2 (December-28-Future)	88.03 EUR	87.13 EUR	-0.90 EUR
nEZ25 (national Emission Allowances (D))	55.00 EUR	55.00 EUR	+0.00 EUR
UKA (December-25-Future (UK))	54.30 GBP	57.02 GBP	+2.72 GBP
UK Natural Gas (December-25-Future)	88.04 GBP	83.10 GBP	-4.94 GBP
ICE Brent Crude Oil (December-25-Future)	68.75 USD	64.53 USD	-4.22 USD
EURO (Forex)	1.1704 USD	1.1743 USD	+0.0039 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