UK updates delayed ETS plan, while utilities rely on EU
UK carbon market delays mean domestic utilities are calling on the EU ETS to fulfil their requirements
Progress has been made on the delayed UK Emissions Trading System (ETS), in guidance issued by the government yesterday, amid reports utilities are being forced to rely on the EU system to hedge their carbon emissions. The guidance confirmed the UK system will closely replicate the EU ETS in terms of the way it functions, as expected by British companies, which have been using the EU system for more than a decade. “The initial approach to free allocation in the UK ETS will be similar to the EU’s proposed approach for Phase IV of the EU ETS,” states the Department of Business. Energy & Industrial Strategy (BEIS) guidance. “This will ensure a continuation of emissions trading smooth transi
Also in this section
8 May 2024
Allowance prices rise 34% since start of year as regulator imposes tighter limits and considers reduction of free allocations
7 May 2024
Policymakers should consider backing enhanced weathering as a CDR technique with benefits to the agricultural sector
3 May 2024
Developers look to government’s forthcoming budget to restore support as industry suffers loss of momentum
1 May 2024
Abundant storage and low cost of capturing CO₂ from sharply rising gas production mean NOC’s ambitious CCUS targets look well within reach