The CO2 Market 23.02.2021

The EU ETS Price

The price of the EUA certificate on the ICE ECX London opened this morning (23.02.2021) the EUA trade sessions at 38,30€ / tCO2, continuing its downtrend from Fiday (19.02) as nice weather conditions are coming in Europe.

The EU started the infringement procedure in Romania for the legislation on industrial emissions

The European Commission sent a letter of delay to Romania on Thursday, 18.02.2021, asking it to bring its national legislation in line with the EU Directive on industrial emissions. This letter of formal notice is, in fact, the formal opening of the infringement procedure. Romania now has two months to remedy the shortcomings identified by the Commission. Otherwise, the Commission may decide to send them a motivated warning.

“The Romanian legal system does not guarantee the implementation of key objectives of the Directive, especially that the installations can operate only if they have authorization. On the one hand, in the current form, the Romanian legal system provides very small and inadequate penalties, which do not prove the efficiency, the proportionality and the deterrence required by the Directive. On the other hand, the Romanian authorities fail to implement current legislation in a coherent administrative way, implementing the imposed sanctions “, underlines the European Commission. Profit.ro
 

Source: ICE ECX London & Profit.ro

The CO2 Market 18.02.2021

The EU ETS Price

The price of the EUA certificate on the ICE ECX London opened this morning (18.02.2021) the EUA trade sessions at 38,18 € / tCO2.

EUAs continued their record-breaking rally into a fifth day on Monday (15.02.2021) in the last decade, with 40,60 € / tCO2. EUAs rebound to new high above 40€ on both Monday and Tuesday (15 &16.02) after intervention panic fades, clawing back ground lost late on Thursday and Friday (11&12.02) as traders dismissed the prospects of regulators curbing speculative trade anytime soon. EUAs fell for the third straight day on Wednesday (17.02) as a falling energy complex weighed, with carbon defying prevailing bullish sentiment and data showing speculative funds have become the market’s largest segment.

Fossil fuel subsidies amount to hundreds of billions of dollars a year

Despite an agreement at the G20 in 2009 to eliminate fossil fuel subsidies, the US, China and Russia alone spent US$909 billion (£656 billion) on them in 2017, the most recent year available – that’s nearly 40% more than in 2009.

A global study of gasoline prices between 2003 and 2015 showed that net fossil fuel subsidies increased by 5% each year.
Eliminating fossil fuel subsidies is not an optional extra in the effort to decarbonize the global economy, it’s central to the entire transition. But achieving widespread support for this will take political leadership, policy innovation and far greater funding.

Pollution from fossil fuels twice as deadly as thought, scientists warn

Air pollution from burning fossil fuels is causing more than twice as many deaths as thought, a study has found.
They calculated that in 2012 fine particles were a contributory factor in 99,000 deaths in the UK, more than double the estimate published in 2016 by the Royal College of Physicians of 40,000 deaths a year from all sources of outdoor air pollution. Almost one in five deaths in the UK is linked to fine particle pollution from road traffic, power generation and other activities that involve burning petrol, diesel, coal and gas, according to scientists from Harvard University and University College London.

Source: ICE ECX, Carbon Pulse, Bloomberg, & Energy in Demand, London

The CO2 Market 09.02.2021

The EU ETS Price

The price of the EUA certificate on the ICE ECX London opened this morning (09.02.2021) the EUA trade sessions at 38,10 €/tCO2.

EUAs continued their record-breaking rally into a fourth day on Monday in the last decade, with 39,80€ / tCO2, bolstered by higher energy prices as freezing conditions set in in parts of Europe and some observers predicted further gains for this week.

Exchange operator ICE announced today that it will relocate its EU carbon allowance trading from its London-based hub to the Netherlands in Q2 of this year due to Brexit-related limitations, it announced Monday.

ZF Live: Romania is the last EU country on investments in the environment

In an interview with ZF Live, the founder of Carbon Expert, Casiana Fometescu, stated that “Romania is the last EU country on investments in the environment, although there was funding. The situation of industrial polluting companies is a dramatic one, because they have to buy over 2 million carbon certificates by the end of April, each with a price of 38 euros”

You can watch the full interview in Romanian here :

https://m.zf.ro/zf-live/zf-live-casiana-fometescu-fondatoarea-carbon-expert-romania-ultimul-19906498

For more information on Romania’s situation compared to other European countries on pollution in recent years, as well as the percentage of revenues from CO2 certificate auctions in every EU country and invested in environmental projects, you can access the European Commission Report “2020 EU Climate Action Progress Report 2020“.

Source: ICE ECX, Carbon Pulse & Bloomberg, London & Ziarul Financiar

The CO2 Market 03.02.2021

The EU ETS Price

The price of the EUA certificate on the ICE ECX London opened this morning (03.02.2021) the EUA trade sessions at 34,97 €/tCO2 and has jumped to 37.11€/tCO2 at 14.00h with 6.12% increase.

EUAs leap 6.5% to eye record as fund fever triggers technical breach and EUAs jumped more than 2€ to near-record levels above 35€ on Tuesday, 02.02.2021, as reports of bullish fund managers and a strong auction pushed carbon to a technical breakout.

Investments in Decarbonization Increased in 2020

The world committed a record $501.3 bln to decarbonisation in 2020, beating the previous year by 9% despite the economic disruption caused by the pandemic, according to BloombergNEF’s newly published Energy Transition Investment Trends report in January.

Global investment in renewable energy capacity moved up 2% to $303.5 bln in 2020. This was the second-highest annual figure ever – after 2017’s $313.3 bln – and the seventh consecutive total of more than $250 bln.

France Exists from Coal in 2024

In the pursuit of decarbonization, the French central bank said on Monday, 18th January, that it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024, as part of a shift towards more environmentally friendly assets. It said in a statement that by the end of this year it will no longer invest in companies that generate more than 2% of their revenues from coal, and reduce the threshold – currently standing at 10% – to zero by the end of 2024. It added it would also exclude by 2024 companies with more than 10% of revenue coming from oil or 50% from gas, which could potentially mean the central bank would have to shun firms like French energy major Total.

Source: ICE ECX, Carbon Pulse & Bloomberg, London