On Monday, the British government announced the establishment of a domestic emissions trading scheme (UK ETS) from January 1, 2021, to replace the current EU regime it is about to exit.
The government said that the UK local scheme is going to be more ambitious than the EU one, cutting the cap on emissions allowed within the system by 5% from day one, and could link to other international schemes in the future.
The plan will move GBP12 billion (USD16.07 billion) of government investment to form and support around 250,000 highly-skilled green obs along with tripling private sector investment by 2030.
The allocations include GBP1 billion (USD1.3 billion) for carbon capture and storage, GBP240 million (USD320.4 million) for a 5 GW of hydrogen output by 2030, GBP385 million (USD514 million) for new nuclear technologies, GBP2.3 billion (USD3.07 billion) to fund the establishment of electric vehicle charging points and the electrification of cars, and GBP6.7 billion (USD8.9 billion) package for low-income households.
“It will be the world’s first net-zero carbon cap and trade market, and a crucial step towards achieving the UK’s target for net-zero carbon emissions by 2050,” the government said.
