Wednesday, 03 June 2020
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The UK Government has confirmed plans to deliver the world’s first net-zero aligned Emissions Trading Scheme (ETS) to replace but also build upon the current EU ETS scheme which the UK will exit end of next year (2021).
The new UK ETS scheme jointly designed with the Scottish and Welsh governments as well as the Northern Ireland executive would see the emissions cap imposed across the scheme fall by 5% yearly, providing a long term incentive for carbon-intensive businesses to invest in emission reduction measures or face financial penalties.
Carbon allowance auctions and trading will continue largely u...