Emissions trading scheme praised by minister

News Article - 22 May 2008
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Britain's environment minister has praised the EU Emissions Trading System (ETS) for "proving that carbon trading can work".

Aimed at reducing carbon dioxideemissions within the European Union, the system ended in December last year and the final UK results for the scheme have been published.

Environment minister Phil Woolas suggests that the system has been proven to be robust during its first phase and is "already playing a crucial role in the fight against climate change", with Britain taking a leading role in developing the carbon trading market.

Britain had a shortfall of 27.6 million allowances in 2007, with permits purchased from elsewhere in the European Union in order to meet the shortfall.

Compliance with the ETS was 100 per cent in 2007 for the second year in a row and Phase II of the scheme is now underway with caps already in place.

Businesses exploring ways of reducing their impact on the environment and cutting down on CO2 emissions can invest in carbonaccounting software to help them identify potential savings.

A key part of UK efforts to reduce greenhouse gas emissions, emissions trading is intended to spread out emissions reductions where the cost of reduction is lowest by allowing participants to trade allowances.

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