Dear Sir or Madam,
ETH Zurich wants to make the consequences of climate change more tangible and has shown the changes in climatic conditions in various cities in 2050. So who likes to travel from Berlin to San Marino in Italy due to the weather and spend his holidays there, can save himself in about 30 years, because in Berlin then the same conditions prevail and it will be uncomfortably hot in Italy. The climate of Madrid is comparable to that of today’s Marrakech and London will reach temperatures at the current level of Barcelona. So much for the pleasant news – however, a good quarter of the world’s cities will experience climatic conditions that are nowhere to be found anywhere else in the world, with high temperatures, droughts and extreme precipitation.
To mitigate this by reducing greenhouse gases to the level desired by the Paris Agreement on Climate Change, the Federal Council of Economic Experts, also known as the Five Wise Man, has prepared an opinion for the German Federal Government. In order to gain rapid control effects, they have recommended a CO2 tax on fuels and heating oil in order to price the emission of CO2 and act as an example internationally. Initially, the output of one tonne of CO2 should cost 50 euros and increase to 130 euros by 2030.
The better solution to a tax is, according to the industry, CO2 emission trading, but it will take too much time to be transposed into EU law, and action must be taken by the time other sectors are included in the EU emissions trading scheme Objectives of the climate change agreement. The Climate Cabinet of the Federal Government will meet next Thursday and will discuss concrete proposals for reducing CO2 emissions.
The prices for EU emission allowances have become significantly more expensive in the past week and marked a new 11-year high with more than 28 euros. Accompanied by rising energy prices, the market looks set to halve its auction volume in August, as well as the visible reduction in auction volumes during the last four months of the year. This week, EEX will be offering auctions totaling 15,964,000 EUA and 892,000 EUAA. In the coming week, there are 11,534,000 EUA and from Thursday the following week begins the halving of auction volumes taking place every summer.
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(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.)
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With kind regards,
Advantag Services GmbH