DECC have just published their latest policy paper on emissions trading with their fingers in their ears. "The UK believes"...really? TM
The UK believes the EU ETS, the world’s largest cap and trade system, should remain the cornerstone of EU energy and climate change policy. The centrality of the EU ETS in delivering the objectives of the 2030 framework was highlighted by the European Council in March 2014.
The UK’s vision for the future of the EU ETS is for a System that:
- delivers EU emissions reductions consistent with meeting the long-term EU objective of reducing greenhouse gas emissions by 80%-95% by 2050 at least cost, including a 2030 emissions reduction target of 40% moving to 50% in the event of an ambitious global deal, including by driving investment in the low carbon economy
- is designed in such a way that energy-intensive industries remain competitive during the transition to a global low-carbon economy, adequately protecting them from the risk of carbon leakage so that they can adjust over the longer term
- demonstrates global leadership through delivery of an effective and economically efficient emissions trading scheme, ready to link with all suitable ETSs as the foundation of a global carbon market