Dear Sir or Madam,
the journalists’ network Investigate took on the European subsidies for fossil fuels and calculated them for the individual countries. In Europe, 137 billion euros are spent annually on subsidizing fossil fuels.
Germany is by far the absolute front runner with 37.5 billion euros per year, followed by Great Britain (19 billion euros) and Italy (18.3 billion euros).
In particular, in Germany 3.5 billion euros are subsidized by carbon leakage (Europe-wide 18 billion euros), as companies in high-energy-intensive sectors such as the steel, chemical or cement industries have to purchase fewer emission rights, as they would otherwise be at a competitive disadvantage compared to production countries without emissions trading to have.
By subsidizing diesel and kerosene over petrol, Germany is even foregoing more than 11 billion euros a year.
In order to still achieve the necessary greenhouse gas savings, Germany has decided on national emissions trading for the transport and building sector, and the EU is discussing significantly higher ambitions for its reduction targets for 2030.
This week, due to today’s British Summer Bank Holiday and a meeting of the working committee of the Leipzig EEX on Thursday, auctions with a total volume of 6,545,000 EUA will only take place on Tuesday and Friday. The summer break will be over next week and 21.7 million certificates will be auctioned, including 810,500 EUAA for the aviation industry.
The new trading week started again bullish with a clear plus and briefly exceeded the mark of 30 euros per EUA.
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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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