Click here to read this in full @ Energy Live News: http://www.energylivenews.com/2012/11/21/uk-rules-world-as-carbon-trading-leader/
The UK has confirmed its position as the global leader for traded carbon markets.
London is now the hub for 90% of EU carbon trading and 80% of global trading, generating a £90 billion market, according to DECC. This was confirmed at the UK’s first auction for Phase III of the EU Emissions Trading Scheme (EU ETS) earlier today.
Under the EU ETS, businesses are expected to pay for their greenhouse gas emissions in a bid to combat climate change. It is also the main mechanism by which the UK is meant to meet its carbon reduction targets.
The auction sold 6.5 million EU allowances (EUAs) with an Auction Clearing Price of €6.62 (£5.32), raising around £34 million for the Treasury. Each EUA represents an entitlement to emit one tonne of carbon dioxide equivalent gas.
Energy and Climate Change Minister Greg Barker said: “The UK is really leading the way in carbon auctioning and today’s sale reaffirms London’s position as a global hub for the market.
Click here to read this in full @ Energy Live News: http://www.energylivenews.com/2012/11/21/uk-rules-world-as-carbon-trading-leader/
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