January 2026

The year 2026 begins with a revealing picture of the global climate and energy reality. The WMO confirms that 2025 was one of the three warmest years on record. At the same time, international reports warn that the global carbon budget for the +1.5°C threshold will be exhausted within the year.

In the EU ETS, the year starts with increased volatility, as prices are influenced by winter energy demand and a new wave of discussions in Brussels about revising the system. TTF prices are rising due to lower storage levels and cold weather, while the oil market is reacting to geopolitical shocks. In this environment, the need for stable policies, transparent markets, and investment in clean energy becomes more urgent than ever. We are only at the beginning of a year that will determine far more than the prices of energy commodities.