UK first in Europe to conduct Phase II carbon credit auction
The UK will be the first country in Europe to hold a carbon credit auction under phase II of the European Union Emissions Trading Scheme (EU ETS), the government announced today.
The auction of four million allowances will take place on 19 November between 8am and 10am.
Experts say the increased amount of auctioned credits will reduce distortions in the market: “Auctioning these allowances marks an important step forward in developing a system where market forces create financial incentives for major carbon emitters to reduce their emissions,” says government environment minister Phil Woolas.
The auction will also be a first for the UK, as allowances were originally
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