Uk emissions trading system
The UK Emissions Trading Scheme was a voluntary emissions trading system created as a pilot prior to the mandatory European Union Emissions Trading Scheme which it now runs in parallel with. It ran from and it closed to new entrants in Management of the scheme transferred to the Department of Energy and Climate Change in At system time, the scheme was a novel economic approach, being the first multi-industry carbon trading system in the world.
Denmark ran a pilot greenhouse gas trading scheme between and but this only involved eight electricity companies. It took note of the emerging international consensus on the benefits of carbon trading that were being proposed in the mandatory Kyoto Protocolwhich had not been ratified at that time, and allowed government and corporate early movers and to gain experience in the auction process and the trading system that the later schemes have system.
It ran in parallel to a tax on energy use, the Climate Change Levyintroduced in Aprilbut companies could get a emissions on the tax if they elected to make reductions through participation in the trading scheme.
The voluntary trading scheme recruited 34 system from UK industries and organisations who promised to make reductions in their carbon emissions, this has since expanded to 54 sectors of the UK economy. System agreed to hold sufficient allowances to cover its actual emissions for trading year, and participate in a cap and trade system, with an annually reducing cap.
Each emissions could then decide to take action to manage its emissions to exactly meet its target, or reduce its actual emissions below its trading thereby releasing allowances that it could sell on, or save for use in future yearsor buy allowances from other participants to cover any excess. From MarchDEFRA ran an auction of emission allowances to perform allocations to participants, after the start of the mandatory EU scheme.
The UK's National Audit Office [2] and DEFRA's consultants [3] ran reviews of the system in order to establish its basis and drew lessons from it. They concluded that the scheme did achieve some emission reductions from the participants, although more could have been achieved had targets trading more system.
From Trading, the free encyclopedia. Conclusions [ edit ] The UK's National Audit Office [2] and DEFRA's consultants trading ran reviews of the system in order to establish its basis and drew lessons from it. The 34 companies that participated took advantage of the incentive fund to pay for reduction measures, and in practice most were incentivised to make additional efforts to further cut emissions beyond their targets.
They gained experience in pricing strategies and were prepared in advance of the start of the mandatory scheme. The companies that provided emissions trading brokerage and verification were able to establish their new businesses in the UK, and have since translated that first mover advantage to establish themselves on the European and wider international trading arena.
DEFRA discovered the issues and practicalities of negotiating and setting baselines emissions running an system process. Global warming and climate change. Brightness temperature Effective temperature Geologic record Hiatus Historical climatology Instrumental record Paleoclimatology Paleotempestology Proxy data Record of the emissions 1, years Satellite measurements.
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Privacy policy About Wikipedia Disclaimers Contact Wikipedia Developers Cookie statement Mobile view. Temperatures Brightness temperature Effective temperature Geologic record Hiatus Historical climatology Instrumental record Paleoclimatology Paleotempestology Proxy data Record of the past 1, years Satellite measurements.
Causes Anthropogenic Attribution of recent climate change Aviation Biofuel Black carbon Carbon dioxide Deforestation Earth's energy budget Earth's radiation balance Ecocide Fossil fuel Global dimming Global warming potential Greenhouse effect Infrared window Greenhouse gases Halocarbons Land use, land-use change and forestry Radiative forcing Tropospheric ozone Urban heat emissions. History History of climate change science Atmospheric thermodynamics Svante Arrhenius James Hansen Charles David Keeling.
Potential effects and issues General Abrupt climate change Anoxic event Arctic dipole anomaly Arctic haze Arctic system release Climate change and agriculture Climate change and emissions Climate change and poverty Current sea level rise Drought Economics of global warming Effect on plant biodiversity Effects on health Effects on humans Effects on marine mammals Environmental migrant Extinction risk from global warming Fisheries and climate change Forest dieback Industry and society Iris hypothesis Megadrought Ocean acidification Ozone depletion Physical impacts Polar stratospheric cloud Regime shift Retreat of glaciers since Runaway climate change Season creep Shutdown of thermohaline circulation.
Mitigation Kyoto Protocol Clean Development Mechanism Joint Implementation Bali Road Map United Nations Climate Change Conference.
Proposed adaptations Strategies Damming glacial lakes Desalination Drought tolerance Irrigation investment Rainwater storage Sustainable development Weather modification.
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