The European CO2 Market – 07.07.2020

EU Market: EUAs surge to 2020 high near €30 on speculative buying, short-covering

EUAs surged to €29,39 on Tuesday evening, 7th July, at ICE ECX exchange from London to hit their highest so far this year, rebounding by almost 50% from early March as speculators buying drove a strong auction result and widespread short-covering.

Several EU environment ministers voice support for higher 2030 emissions goal

A number of EU environment ministers on Tuesday, 23rd June, backed a 2030 EU-wide emissions reduction target of 55% below 1990 levels, with some nations even wanting to raise the bloc’s ambition still further.

The incoming German presidency of the Council of EU member states will keep climate policy and the bloc’s carbon market high on the agenda, as Berlin will be responsible for fostering agreements among EU nations over an upgraded level of ambition for 2030.

German Chancellor Angela Merkel endorsed the proposal by the European Commission to raise the bloc’s greenhouse gas reduction target for 2030 to between 50 and 55%. Moreover, the French President Emmanuel Macron will put forward in September new climate legislation based on citizen proposals and push for more climate ambition at EU level.

Global energy emissions growth sees dip in 2019 as coal’s role fades – BP source

Global CO2 emissions from energy use grew by 0.5% in 2019, only partially unwinding the unusually strong 2.1% rise in 2018, oil major BP said in its annual energy review published on Wednesday, 17th June 2020.

Source: Carbon Pulse, Thomson Reuters, London