Dear Sir or Madam,
The COP29 World Climate Conference in Baku, Azerbaijan, ended last weekend after an extension. The two most important results are, firstly, that the industrialised countries are to provide a total of 300 billion US dollars a year until 2035 for climate protection and adaptation to the consequences of climate change. Secondly, the parties agreed on new rules for global emissions trading, whereby companies and states can offset their greenhouse gas emissions by financing climate protection projects in other regions.
But the European Emissions Trading System (EU ETS) is also helping to finance climate protection: the EU has given Greece the green light for its decarbonisation fund, which will be financed with 25 million EUAs that were not allocated to the country in the previous phase of the EU ETS. The proceeds from this should pave the way for the climate neutrality of the Greek islands.
EU ETS prices temporarily exceeded the 70-euro mark last week. One of the reasons for this was the European Commission’s decision not to increase the volume of the approximately 86.7 million allowances to be auctioned under REPowerEU in the near term, as the market had expected, although the price in recent months was below the target price of more than 70 euros.
We would like to point out once again that only four auctions of national emission allowances valid for 2024 will take place in the next two weeks; the last auction will be on Thursday, 5 December 2024. After that, regular purchases on the EEX will only be possible for 10% of the quantity that will be on your registry account on 31 December 2024.
In agreement with the Federal Ministry for Economic Affairs and Climate Protection, the German Emissions Trading Authority has now decided to postpone the start of fixed-price auctions of national emission allowances on the EEX to 2025. The background to this is the ongoing parliamentary legislative process to amend the Greenhouse Gas Emissions Trading Act (TEHG-Europarechtsanpassungsgesetz 2024).
| (Average Quotes Exchange / OTC) | |||
| Instrument | 15/11/24 | 22/11/24 | Change |
| EUA (December-2024-Future) | 68.01 EUR | 69.27 EUR | +1.26 EUR |
| VER (Natural Carbon Offsets) | 0.24 USD | 0.32 USD | +0.08 USD |
| VER (CORSIA eligible Carbon Offsets) | 0.21 USD | 0.25 USD | +0.04 USD |
| nEZ (German National Carbon Units) | 45.00 EUR | 45.00 EUR | +0.00 EUR |
| ICE Brent Crude Oil (Benchmark Future) | 71.20 USD | 74.59 USD | +3.39 USD |
| EURO (Currency.. Forex) | 1.0540 USD | 1.0414 USD | -0.0126 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