Report Criticises the UK over Its Refusal to Earmark EU ETS Carbon Revenues for Financing Green Projects
(GreenAirOnline) According to a report by carbon offsetting company Carbon Retirement, the United Kingdom has earned more than one billion euros ($1.35bn) from the auction of EU Allowances since its first auction in Phase II of the EU Emissions Trading Scheme (EU ETS) in November 2008. Revenues raised through allowance auctioning is set to rise dramatically in Phase III and the UK could make a further 64 billion euros by 2020, with aviation joining the scheme in 2012 and additional greenhouse gases and manufacturing processes being covered from 2013. Despite European Commission proposals that at least half of auction revenues should be used to help reduce greenhouse gases, develop renewable energies and clean technologies, and shift to low-emission forms of transport, the UK has refused to hypothecate revenues. An attempt by the European Parliament to force EU member states to comply when passing the Aviation EU ETS directive was rejected by EU Council ministers. READ MORE
