Euro Markets: EUAs reach 3-month high, post 18% weekly gain as short covering continues amid energy strength
European carbon prices jumped to their highest in three months late on Friday, extending Thursday’s 8% gain and posting an 18% weekly increase, as short-covering continued to drive the market, while also helping boost energy prices to their strongest in more than two months.
Read MoreEU nations give final nod to energy-efficiency law for buildings
The Council of EU member states gave the final go-ahead on Friday to a new EU directive aimed at reducing the energy consumption of buildings, in an attempt to decarbonise the sector before it enters the EU’s Emissions Trading System (ETS) in 2027.
Read MoreINTERVIEW: Meet the Pirate lawmaker fighting for the world’s first carbon removal Bill of Rights
A lawmaker from the libertarian Pirate Party in tiny Luxembourg is fighting to have a groundbreaking regulation approved that would be the first in the world to provide an incentive scheme for carbon removal (CDR) technologies.
Read MoreTop German steelmaker to cut production citing energy costs, climate policies
Germany’s largest steelmaker has announced plans to reduce output by around 20% because of consistent high energy costs “owing to climate policy objectives” and pressure from Asian competitors, the company’s executive board said Thursday evening.
Read MoreEuro Markets: EUAs post biggest one-day gain in 19 months as early gas spike triggers short-covering
European carbon prices jumped by the most in 19 months on Thursday, erasing Wednesday’s losses and setting a new three-month high, after an early gas-driven rally was amplified by a surge of short-covering as stop levels were hit, raising the prospect of further gains with short-positioned traders expected to come under greater pressure.
Read MoreETS emissions now down 47%, closing in on EU 2030 climate goal, official says
The record fall in emissions registered in 2023 puts the EU on track to reach its climate target for 2030, with only 15 percentage points to make up to hit the 62% greenhouse gas reduction objective set for the bloc’s ETS, an official said.
Read MoreEU lawmakers approve reform of power market, leaving room for ‘low-carbon’ gas
The European Parliament voted on Thursday to approve a reform of the EU electricity market design aiming to protect consumers from sudden price shocks, along with a plan to facilitate the uptake of ‘low-carbon gases’ such as hydrogen.
Read MoreSerbia joins central and southern Europe regional energy exchange as part of preparations for CBAM
Serbia will join Hungary and Slovenia’s regional energy exchange to encourage development and help the country avoid the EU’s new Carbon Border Adjustment Mechanism (CBAM) fee, it announced this week.
Read MoreEU carbon pricing revenue allocation criticised by ENGO
Concerns have been raised over how the EU allocates revenue from its carbon pricing mechanisms, specifically the Carbon Border Adjustment Mechanism (CBAM) and the EU Emission Trading System (ETS).
Read MoreA European Green Deal 2.0 is necessary and beneficial, argues report
A European Green Deal 2.0 is not only necessary but beneficial to addressing economic challenges persisting across the EU, according to a report published on Thursday.
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