|
|
| Conference | |
| About us Feedback Register Contact Advertise Editorial Finditforme | Publications Partners Links Discussions Quiz |
Channel Homepages
» Home
» Sustainable Business » Green Buildings » Contaminated Land » Water/Wastewater » Waste/Recycling » Energy/Carbon » edie Ireland » Resource Centres » Sustainabilitylive! Site SponsorTo see all site sponsors, click here
|
20 November 2008 Carbon allowances go under the hammer The UK Government will auction 7% of the allowances for 2008-12 On Wednesday, the UK Government opened up the auction for allowances under Phase II of the cap and trade scheme, which runs from 2008 to 2012. Four million allowances were sold at a value of just £13.60 each - raising a total of £54m excluding VAT for the Treasury. Ministers said the auction demonstrated the UK's "continuing leadership" on reducing carbon emissions. "We want more auctioning in the future - and are already planning to auction 100% of the allowances needed by the power sector from 2013," said Energy and Climate Change Minister Mike O'Brien. "This auction highlights the importance of using the market to drive down emissions and create incentives for the development of low carbon technology." Next year, Government plans to auction a further 25m allowances. In total, about 86m will be auctioned over the four-year period. But Ministers are being urged to earmark the revenue raised from the sale for environmental and clean energy projects, as other European states, including Austria, have promised. Lisa Harker, co-director, of the Institute for Public Policy Research (IPPR), said: "This is a great opportunity to help poorer households make their homes both cheaper to heat and warmer, and create jobs through investment in new green technologies." Legal experts said that it remained to be seen whether the UK's decision to begin auctioning the allowances ahead of other EU states would work. Michael Wood, partner at international law firm Eversheds, said: ""Whether this is a sensible approach that will show leadership and leave UK installations already primed for fuller auctioning or whether this amounts to gold-plating of EU requirements will be a matter of perspective. "But ultimately, whatever view you take, it is not going to change the fact that in future auctioning of carbon allowances will become more widespread." The EU ETS will ration the emissions of about 12,000 installations over the next four years, which together are responsible for almost half of the EU's emissions of carbon dioxide. The UK has set aside 7% of its allowance cap for auctioning. Kate Martin Source: edie newsroom
This story is tagged as:
Carbon Trading | emissions trading schemes | Europe | European Union | UK Click on a keyword to see more stories on that topic Share this
© Faversham House Group Ltd 2008. edie news articles may be copied or forwarded
for individual use only. No other reproduction or distribution is permitted without prior written consent.
|
 You are notlogged in » Log in here Why not register for your free weekly newsletter? Related Stories The Environmental Audit Commission has published its third report on the EU Emissions Trading Scheme in which it blasts the mechanism for being too loose to be effective and calls for a 'significant' tightening of caps.» NI water quality 'getting better' despite washout summer  Northern Ireland's bathing water quality is getting better despite the difficulties posed by wet summer weather and flooding.» Europe still dragging its feet ahead of Copenhagen European leaders agree to give €100 billion annually by 2020 to the developing world to fund climate change fighting initiatives but remain deadlocked over who should pay what. » Lobby group calls for action on resource efficiency  Green business lobby the Aldersgate Group is calling for policy makers to take a closer look at resource efficiency, arguing that those economies that get ahead of the game in this area stand to profit in the long term.
Related Media» Hilary Benn comments on agricultural emissionsThe Environment Secretary responds to a question on policy to tackle carbon emissions from meat production in the UK. Speaking at the launch of the Aldersgate Group's Beyond Carbon report.
» Hilary Benn MP talks biofuelsThe Secretary of State for the Environment responds to a question about biofuels and sustainable transport at the launch of the Aldersgate Group's resource efficiency report Beyond Carbon.
» Best Carbon Reduction ProjectComedian Hugh Dennis presents the award for Best Carbon Reduction Project 2009 at the edie.net Awards for Environmental Excellence
» See more
|
Send to a friend
Link to this page
Comment
| Conference | |
| About us Feedback Register Contact Advertise Editorial Finditforme | Publications Partners Links Discussions Quiz |
Other Faversham House Websites include
water-waste-environment-marketplace | Copenhagen Climate Talks, COP15 News
water-waste-environment-marketplace | Copenhagen Climate Talks, COP15 News
» Discussion - Can we cut building emissions fast enough to meet targets?
» Discussion - Will energy meters cut climate change or are they a gimmick?