Dear Sir or Madam,
When we talk about the advancing global warming, we repeatedly focus on certain regions of our planet. These include, for example, the melting polar caps in the Arctic and Antarctic, the melting of glaciers or the softening permafrost. However, the consequences of global warming have so far not explicitly mentioned one region that we know well: the Mediterranean. The intergovernmental organisation UfM (Union for the Mediterranean), which was founded in 2008, recently presented the first study on climate and environmental change in the Mediterranean region at a conference in Barcelona. The study was developed by more than 600 independent scientists from 35 countries – and the result is: “frightening”.
According to a report published this weekend by “Rheinische Post online”, the respected German ecologist Wolfgang Cramer in Barcelona pointed out that hardly any other region of the world is as threatened by climate change as the Mediterranean – where warming is progressing 20 percent faster than the global average. The maximum warming of 1.5 degrees fixed in the Paris Agreement has already been reached there.
The study warned that some islands and coastal strips, where 30 percent of the population live, would disappear from the scene during next generation. In addition, there is a risk of salinization of groundwater, which will result in around 250 million people suffering from water shortages. In addition, the scientists warned of mass extinction of marine fauna, ever more frequent heat waves, increasing droughts, mega forest fires and the spread of the Asian tiger mosquito and other disease vectors.
Against this background, the next world climate conference, which will take place from 2 to 14 December in Santiago de Chile, is awaited with particular excitement. Last week a preparatory conference was held at the invitation of Costa Rica. The focus was on the design of international market mechanisms. The particular challenge here is the establishment of a reliable billing system.
In the first two weeks of October, the European CO2 market experienced a veritable rollercoaster ride. Driven by political news and the resulting fluctuations in the energy sector, the price for the European Pollution Rights (EUA) fell from just over 25 euros to 22 euros. In the past week, the price initially stabilized, before it was able to gain significantly again on Thursday and Friday due to the positive Brexit news. The price for the December contract on the London ICE quickly exceeded both the 23- and 24-euro mark.
| (Average Quotes Exchange / OTC) | |||
| Instrument | 04/10/2019 | 11/10/2019 | Change |
| EUA (Spotmarket) | 22.94 EUR | 24.40 EUR | +1.46 EUR |
| EUA (December-2019-Future) | 23.01 EUR | 24.44 EUR | +1.43 EUR |
| CER (Spotmarket) | 0.21 EUR | 0.21 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 58.40 USD | 60.60 USD | +2.20 USD |
| EURO (Currency, Forex) | 1.0976 USD | 1.1043 USD | +0.0067 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. CER CP1 and ERU are eligible in ETS until end of March 2015 and must be swapped into 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