Dear Sir or Madam,
On the first day of this year’s UN Climate Change Conference COP29 in Azerbaijan, almost 200 countries agreed on new rules for global emissions trading, even though many of the framework conditions and rules still need to be worked out.
This emissions trading should enable states and companies to purchase CO2 certificates from climate protection projects and thereby offset their emissions. As with voluntary emissions trading, a certificate is generated for each tonne of CO2 or its equivalent of greenhouse gases avoided, which can then be traded and retired.
These rules have been in the works since the 2015 Paris Agreement on climate change, and since they were still very inadequate at last year’s COP28 in Dubai, they were rejected by the EU and developing countries.
Last Monday’s agreement has now laid the foundations for a global emissions trading market that functions according to international rules and only allows high-quality carbon credits to be used to offset unavoidable emissions, or emissions that cannot be avoided at a disproportionate cost.
Prices for European emission allowances have remained almost unchanged on a weekly basis, with the December benchmark contract for EUA futures continuing to move in an upward technical pennant within a range of 65.39 to 68.80 euros.
If this formation is maintained, the price would move in the range of approx. 65 to 69 euros this week, the 200-day line, which currently stands at 65.12, could also provide support. In addition, a total of 14,582,500 EUAs will be auctioned on the EEX on all five trading days.
For the procurement of national emission allowances for 2024, there are only six auctions left on Tuesdays and Thursdays at the EEX, in which we can participate for you. The last auction is on Thursday, 5 December 2024 and ends at 3:00 p.m.
| (Average Quotes Exchange / OTC) | |||
| Instrument | 08/11/24 | 15/11/24 | Change |
| EUA (December-2024-Future) | 68.02 EUR | 68.01 EUR | -0.01 EUR |
| VER (Natural Carbon Offsets) | 0.23 USD | 0.24 USD | +0.01 USD |
| VER (CORSIA eligible Carbon Offsets) | 0.10 USD | 0.21 USD | +0.11 USD |
| nEZ (German National Carbon Units) | 45.00 EUR | 45.00 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 74.26 USD | 71.20 USD | -3.06 USD |
| EURO (Currency.. Forex) | 1.0715 USD | 1.0540 USD | -0.0175 USD |
(The VER quotes are average rates (carboncredits.com), which can be used within the framework of CORSIA and voluntary carbon offsetting. 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,
Your Advantag – Team