On Wednesday, Britain’s Finance Minister Rishi Sunak said that the country is spending efforts to set London as the global hub for the trade of voluntary carbon offsets.
A new group aiming for the position will be established and the country’s carbon tax will continue to be frozen at GBP18/tonne (USD25.12/tonne).
In 2021, Britain has launched a domestic emissions trading system (ETS) to support the goal of reaching a net-zero carbon emissions target by 2050.
The budget documents stated that the government is committed to carbon pricing as a tool to drive decarbonization and intends to set out additional proposals for expanding the UK ETS in 2021.
