Last week was characterised by considerable international market turbulence. This was triggered by the Trump administration's decision to impose drastically increased import tariffs from 9 April. The accompanying announcement to respond to possible counter-tariffs with further measures triggered uncertainty and severe market distortions worldwide - including on the CO₂ market.

EU emission allowances (EUAs) came under significant pressure in this environment characterised by risk aversion. Within just a few trading days, the price of December 2025 futures fell from just under EUR 70 to around EUR 60 per tonne. A brief technical recovery has so far had no lasting effect.

This development is part of a broader downward trend on the energy and commodity markets. Concerns about a global slowdown in demand are currently overshadowing all fundamental market arguments and are weighing on almost all segments.

Against the backdrop of the geopolitical situation, pronounced volatility can also be expected in the coming days. The markets are searching for a new equilibrium level, while macroeconomic factors continue to dominate short-term pricing.