Around four million permits are being distributed today under a new phase of the European Union's (EU) emissions trading scheme (ETS) with expected receipts of up to £60m going to the Treasury for general spending purposes.
"The policy of the UK government on this issue undermines the very purpose of the EU ETS... Auctioning undermines this flexible mechanism as it takes money away from those who can do something about climate change, the emitters, and it gives it to those who can't, the politicians," said James Emanuel at emissions trading broker, CantorCO2e.
The Institute for Public Policy Research (IPPR) said ministers should change their mind and use the cash specifically for projects such as improving energy efficiency of homes, investing in low-carbon technologies and helping poorer countries cope with climate change.
"This is a great opportunity to help poorer households make their homes both cheaper to heat and warmer, and create jobs through investment in new green technologies," said Lisa Harker, IPPR co-director.
Subscribe
Subscribe to IEMA's newsletters to receive timely articles, expert opinions, event announcements, and much more, directly in your inbox.
Posted on 19th November 2008
Latest Posts
-
IEMA appoints two new Board Directors
- 28th March 2024 -
Impact Assessment Network Volunteers receive International Association of Impact Assessment (IAIA) Regional Award
- 20th March 2024 -
IEMA launches digital campaign to share knowledge and inspire action in sustainability
- 6th March 2024 -
IEMA comments on 2023 being hottest year on record
- 9th January 2024 -
IEMA reacts to COP28 agreement to transition away from fossil fuels
- 13th December 2023 -
New IEMA social sustainability steering group – express your interest in joining
- 24th November 2023