Home U.K. Brexit victory! UK's plan to force EU 'surrender' after transition period ends...

Brexit victory! UK's plan to force EU 'surrender' after transition period ends revealed

Previously the UK had to abide by strict EU limits and regulations. It’s departure from the EU started on January 31, with the transition period to fully leave the bloc occurring on December 31.

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The Department for Business, Energy and Industrial Strategy said in a statement that the UK-wide ETS includes plans to cut the present emissions cap by 5 percent.

It will put a cost on carbon pollution to encourage polluters to reduce the greenhouse gases they emit.

The UK has a target for net zero carbon emissions by 2050.

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THE UK has put forward it’s own Emissions Trading System for after the Brexit transition period. (Image: PA)

The department said: “After each year, every covered company must surrender enough carbon allowances – each representing tonnes of carbon dioxide – to cover all its emissions, or additional fines of up to £100 per allowance are imposed.”

Emissions trading systems work by setting a cap on the total amount of greenhouse gases that can be emitted from certain sectors, with the cap being reduced over time so that total emissions fall.

Carbon allowances can be bought at auction and traded, and these markets determine their cost (the ‘carbon price’).

According to the statement, about one-third of UK emissions and nearly 1,000 UK factories and plants are currently covered by the EU ETS and will continue to be covered by the UK system.

Energy Minister Kwasi Kwarteng said: “The UK is a world-leader in tackling climate change, and thanks to the opportunities arising as we exit the transition period, we are now able to go even further, faster. (Image: PA)

Energy Minister Kwasi Kwarteng said: “The UK is a world-leader in tackling climate change, and thanks to the opportunities arising as we exit the transition period, we are now able to go even further, faster.

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“This new scheme will provide a smooth transition for businesses while reducing our contribution to climate change, crucial as we work towards net zero emissions by 2050.

The British government said on Monday it would be open to considering a link between a UK ETS and the EU ETS “if it suits both sides’ interests”.

The government said: “This is subject to the ongoing trade negotiations between the UK and EU.”

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The Department for Business, Energy and Industrial Strategy said in a statement that the UK-wide ETS includes plans to cut the present emissions cap by 5 percent. It will put a cost on carbon pollution to encourage polluters to reduce the greenhouse gases they emit. (Image: PA)

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The move is a further departure from EU regulations and guidelines as the transition period continues to move forward.

The EU’s ETS was set up in 2005, and was the world’s first international scheme.

With the ETS now in its third phase, 40 percent of allowances are being auctioned and power generators have to buy all of their allowances, with the exceptions of some member states like Poland, Bulgaria, Hungary, Lithuania and others.

Free allocation prevails in the manufacturing industry at 80 percent, and the aviation sector(85 percent, and sectors deemed as exposed to “carbon leakage” also receive an extra amount of free allowances.

EU ETS allowance prices dropped to 20-month lows in March as restrictions put in place to stem the spread of the coronavirus pandemic significantly limited aviation and industrial power demand.  (Image: PA)

The government is now talking to academics about whether a domestic carbon tax would be a better option in light of the coronavirus crisis.

Georgie Messent, head of environment at international law firm Pinsent Masons told delegates at the Westminster Energy, Environment and Transport Forum policy conference on achieving net-zero emissions by 2050 today about the potential changes.

EU ETS allowance prices dropped to 20-month lows in March as restrictions put in place to stem the spread of the coronavirus pandemic significantly limited aviation and industrial power demand.

Messent said that a set carbon tax is likely to provide greater market certainty.

She added that if the UK to introduced an ETS, it would potentially need to be adjusted frequently if prices proved volatile “to drive the behavioural changes needed” to meet climate targets.

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