Dear Sir or Madam,
According to a study by the German Bundesbank, companies in Germany have not yet relocated their production sites due to the EU Emissions Trading System (EU ETS), as the Bundesbank stated in its September monthly report.
The Bundesbank points out that companies with high greenhouse gas emissions already had an above-average presence outside of Europe before the 2013 / 2021 EU ETS reforms. In addition, companies in the EU have visibly reduced their greenhouse gas emissions more since 2014.
Furthermore, the EU has responded to the different carbon pricing outside the EU with the CBAM (Carbon Borderline Adjustment Mechanism), which was launched last year.
Prices in the EU ETS also fell by a good 2.5% in the past trading week, reaching a new five-month low. The persistently weakening economy in Germany is particularly noticeable here.
At a global level, demand for oil and gas appears to have increased again, although EUA prices have currently decoupled from this.
In this trading week, a total of 14,582,500 emission allowances will be auctioned on the European Energy Exchange on all five trading days, which corresponds to an increase of 15.2% compared to the previous week.
(Average Quotes Exchange / OTC) | |||
Instrument | 13/09/24 | 20/09/24 | Change |
EUA (December-2024-Future) | 64.99 EUR | 63.39 EUR | -1.60 EUR |
VER (Natural Carbon Offsets) | 0.27 USD | 0.30 USD | +0.03 USD |
VER (CORSIA eligible Carbon Offsets) | 0.23 USD | 0.24 USD | +0.01 USD |
nEZ (German National Carbon Units) | 45.00 EUR | 45.00 EUR | +0.00 EUR |
ICE Brent Crude Oil (Benchmark Future) | 72.49 USD | 74.94 USD | +2.45 USD |
EURO (Currency.. Forex) | 1.1071 USD | 1.1163 USD | +0.0092 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