Dear Sir or Madam,
The Chilean leadership of the world climate conference, which ended yesterday with the biggest delay in its history, was clearly disappointed by the outcome of the summit. The participants probably could have started their departure already on Friday, because the efforts of Chilean Environment Minister Carolina Schmidt to get a presentable result in the extension failed because of bitter resistance of a few states – above all Brazil. But even the USA, Saudi Arabia and Australia did not want to commit themselves to binding regulations for international cooperation and thus in connection with global trade in climate protection certificates.
A year ago, the summit in Poland had already failed on the same question, and now it is to be finally addressed in Glasgow in 2020. However, one does not have to be a downright pessimist to express doubts here. The states do not shake off the decisions of Paris in principle, except for the USA, which had declared its withdrawal from the agreement and thus officially will step off on 4 November 2020. But these national interests remain, which are closely linked with the interests of the lobby around fossil energy sources and could not be overcome so far. Thus the question of how the international community of the UN wants to solve this knot justifiably arises.
A few days ago, the European Union also found itself facing a similar question, with its new Commission President von der Leyen pushing ahead with the proposal of a so-called “Green Deal”. Here it was Poland that refused to sign. But here, too, the focus should be on the other states, which have apparently understood that the pace of global processes in favour of the global climate lags far behind the worsening climate crisis. There is also a growing awareness and indignation that a few states are in a position to block important processes.
Last week, the CO2 market was once again influenced by speculative traders. During the first days of trading, the price stagnated at 25 euros. It was not until Thursday that the market began to gain momentum again. On Friday the price was even pushed to just below the 26 Euro mark. But the bulls apparently ran out of steam at this point. When the mark was not overcome, the bears again took over the direction. The price melted away and only found support in early trading just above EUR 23.50 today.
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