This document discusses decarbonization and its consequences for energy markets in Germany and Europe. It outlines the scale of the challenge, including continued growth in carbon emissions and population. It also notes forecasts of increasing oil demand and coal use. The emerging energy context includes falling fossil fuel prices and new technologies like electric vehicles. Policy responses have focused on exiting coal, but targets set in Paris may not achieve the 2-degree warming limit. The EU 2030 framework establishes renewables targets but also recentralizes some energy policies. Overall decarbonization will be difficult to achieve at the necessary scale and speed given these complex technical and policy issues.