Dear Sir or Madam,
In the mid-18th century, a decisive step in the Industrial Revolution began in Coalbrookdale in the west of England with the first coke-fired iron smelting. Between 1775 and 1779, the world’s first iron bridge was built there. Around 250 years later, the international community could have decided to end the use of fossil fuels as an energy source at the COP30 World Climate Conference in Brazil. However, as we know, this did not happen.
Instead, the conference ended with a minimal compromise: global greenhouse gas emissions are still to be significantly reduced in order to meet the 1.5-degree target of the Paris Agreement. In addition, a ‘global implementation accelerator’ is to be created to support ambitious initiatives under the roof of the UN climate conferences. A key outcome concerns climate aid for developing countries: this is to be tripled by 2035, to an estimated 120 billion US dollars annually.
Germany is contributing one billion euros over ten years to a new tropical forest fund called the ‘Tropical Forest Forever Facility’ (TFFF), which was presented by the host country, Brazil. The fund is intended to reward countries that preserve their forests and mobilise billions for the protection of the rainforest in the long term.
In addition, a new climate alliance was launched in Belém: the ‘Open Coalition on Compliance Carbon Markets’. The aim is to harmonise existing emissions trading systems worldwide, thereby making international trade more transparent and fairer. In addition to the EU, China, Canada, the United Kingdom, Mexico, Chile and Zambia are currently members of the alliance.
The new alliance increases pressure on countries that have so far refused to join, including the United States, Russia and Saudi Arabia. At the same time, China is demonstrating the economic opportunities: in 2025, the country already generated higher revenues from the export of green technologies than the United States did from fossil fuels. A globally coordinated CO2 market could make emissions more expensive and accelerate investment in climate-friendly technologies. EU Climate Commissioner Wopke Hoekstra described the coordination of carbon markets as a potential catalyst for the energy transition.
Prices for EUAs in the European Emissions Trading System (ETS1) moved within a significantly narrower price range last trading week than in the previous week. Despite the lower momentum and a rather weak second half of the week, the price remained slightly bullish. The lower limit was EUR 79.52, and the peak was EUR 81.89.
The auction calendar shows auctions on all five days this week with a total volume of 13,657,500 allowances. To purchase allowances from the German national emissions trading scheme (nEHS) for 2025, there are only four auction dates left this week and the next. The subsequent purchase under the 10 per cent rule will start on 13 January 2026.
| Instrument | 14/11/25 | 21/11/25 | Change |
| EUA (December-25-Future) | 80.93 EUR | 80.41 EUR | -0.52 EUR |
| EUA2 (December-28-Future) | 70.15 EUR | 69.67 EUR | -0.48 EUR |
| nEZ25 (national Emission Allowances (D)) | 55.00 EUR | 55.00 EUR | +0.00 EUR |
| UKA (December-25-Future (UK)) | 57.00 GBP | 57.77 GBP | +0.77 GBP |
| UK Natural Gas (December-25-Future) | 82.39 GBP | 78.56 GBP | -3.83 GBP |
| ICE Brent Crude Oil (Januar-26-Future) | 64.39 USD | 61.84 USD | -2.55 USD |
| EURO (Forex) | 1.1621 USD | 1.1514 USD | -0.0107 USD |
(EUA, EUA2, UKA, Natural Gas, Crude Oil and Euro Currency shows day-end-exchange quotes of the benchmark contract. This market information has just an informational character and are no advice or offer to trade emission allowances 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 or book here a call with one of our specialists.
With kind regards,
Your Advantag – Team