Dear Sir or Madam,
According to the Agora Energiewende think tank, Germany’s greenhouse gas emissions fell only slightly by 1.5 per cent to around 640 million tonnes of CO₂ in 2025. Although this meant that the national target was met, the decline was mainly due to continued significant weakness in industry and more renewable electricity, while the energy sector was unable to achieve greater savings. In energy-intensive industries, emissions fell by around 7.2 per cent due to declines in production.
Agora particularly criticises the slow progress in expanding renewable energies in the buildings and transport sectors, which are priced by the national emissions trading scheme. Despite a 49 per cent decline in total emissions since 1990, climate protection is losing momentum. Heat pumps and electric cars are on the rise, but emissions from buildings and transport continue to increase. Agora is therefore once again calling for the trend towards climate-friendly technologies to be exploited more strongly for industry and climate protection.
The cold start to the year led to an increase in oil and natural gas consumption in buildings in Germany, which increased emissions by around 3 million tonnes of CO2 in 2025. In the transport sector, higher fuel consumption and slow growth in electromobility led to an increase of around 2 million tonnes of CO2. As a result, Germany once again missed the EU climate targets for buildings and transport by around 30 million tonnes of CO2. Additional certificate purchases of up to €34 billion could therefore be necessary by 2030.
And these expenditures would be completely unnecessary, even though Germany achieved record revenues of €21.4 billion last year, an increase of 15.7% over the previous year (€18.5 billion). The revenues go entirely to the Climate and Transformation Fund to finance energy and climate protection projects.
Since 2008, a total of over 100 billion euros has been raised through auctions of European CO2 emission allowances and the national emissions trading system for Germany, which began in 2021.
This week, a further 9,230,500 EUAs will be auctioned, including 1,093,000 certificates from Germany’s quota on Friday, which will in turn generate almost €100 million for the Climate and Transformation Fund.
| Instrument | 02/01/26 | 09/01/26 | Change |
| EUA (December-26-Future) | 88.31 EUR | 89.56 EUR | +1.25 EUR |
| EUA2 (December-28-Future) | 76.00 EUR | 76.98 EUR | +0.98 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-26-Future (UK)) | 68.70 GBP | 69.02 GBP | +0.32 GBP |
| UK Natural Gas (December-26-Future) | 73.31 GBP | 70.16 GBP | -3.15 GBP |
| ICE Brent Crude Oil (December-26-Future) | 60.34 USD | 61.75 USD | +1.41 USD |
| EURO (Forex) | 1.1720 USD | 1.1636 USD | -0.0084 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.)
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With kind regards,
Your Advantag – Team