Overview

EUA prices gained 3.11% over the week, closing at €73.21 after touching a six-week high above €73 last Friday. Early strength came despite weakness in natural gas, but as TTF front-month futures slid to three-month lows of €31.65/MWh, carbon’s rally eased and the two markets moved back into closer alignment. Market attention was dominated by geopolitical headlines, notably the US–Russia summit in Alaska and the United States’ formal rejection of the IMO’s Net-Zero Framework. The proposal, backed by 63 member states, would introduce a global carbon price for shipping. Washington warned it would “not hesitate to retaliate” against supporters, marking a shift from passive disengagement to active opposition.