Thursday, May 26, 2005

EU awaits Gibraltar's carbon dioxide emission reduction plans

Emissions trading

Firms covered by the EU Emissions Trading Scheme will be able to open their UK carbon accounts this week, the British Government announced yesterday.

But Britain has been told that Gibraltar’s National Allocation Plan still has to be provided.

This scheme is one of the main components in the fight against climate change. The scheme is designed to help reduce carbon dioxide emissions by around 65 million tonnes (around 8 per cent) below projected emissions of the installations covered by it over the next three years.

The Emissions Trading Registry is web-based, and records CO2 allowances held in firms accounts. The Registry allows allowances to be transferred to other accounts both within the UK and in other participating countries.

Emissions trading is a key component of UK and wider European action to tackle climate change. It gives industry a clear incentive to reduce carbon emissions, whilst enabling it to do so at least cost.

The opening of the UK Registry means that UK companies can start to participate fully in the scheme and provides London’s emerging carbon market with the opportunity to fulfil its potential as an international centre for carbon trading.

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