Dear Sir or Madam,
The likelihood of a significant negative impact on the global economy continues to increase after US President Donald Trump has imposed his punitive tariffs. Now China has also responded with punitive tariffs on US products worth US $ 50 billion and the US is now threatening further punitive tariffs on Europe and China. Another escalation is more likely to be an agreement with Donald Trump in mind.
The stock markets have remained relatively unimpressed so far, and the US dollar also rose significantly against the euro at the end of last week. This and speculation about increasing oil production in the Middle East and Russia, as well as the OPEC meeting in Vienna next week, added to the oil price.
Ultimately, this unsatisfactory market environment meant that the price of European emissions allowances also moved significantly lower, losing 1.24 euros per tonne. Whether this is the beginning of a major correction before the summer break, remains to be seen and would not be unusual after the strong price gains of the past half year.
This week, 20,658,000 new certificates will be launched through auctions in the EU, Poland and Germany on the Leipzig EEX. It will therefore be interesting to see how auction demand is developing this week.
Today and tomorrow German Environment Minister Svenja Schulze has invited 35 ministers from all over the world to the Petersberg Climate Dialogue in preparation for this year’s World Climate Summit in Katowice, Poland. Important points here are the preparation of possible decisions regarding the implementation of the Paris Agreement on Climate Change and the restructuring of the global economy, which has hitherto been largely based on fossil fuels, towards sustainability.
Whether Germany can still maintain its credibility in terms of global climate protection is doubtful, given the expected significant failure of the CO2 reduction target of 40% by 2020.
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With kind regards,
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