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Britain to publish data regarding carbon permits


Britain to publish data regarding carbon permits

Photo: Getty

London has announced it will be publishing data from the authority overseeing Britain’s new carbon emissions trading scheme (ETS) today.

London is considering limits on auction bids and holdings of CO2 permits to curb spikes in prices after reaching an all-time high of $60 USD per ton. However, London is expected to grant up to 39 million tons in free allocation while also allowing authorities to delay the deadline for emitters to obtain permits. This comes as Britain looks to keep its domestic energy industry afloat against international firms with loose environmental regulations in a post-Brexit fallout. Nevertheless, London will have to balance a speedy recovery with long-term sustainability.

Last year’s pandemic-induced slowdown meant companies emitted less and therefore surrendered fewer permits, creating a surplus. With an eventual return to normal, and increasingly tougher climate targets, permits may soon be in short supply. Artificial limits on price and supply will force firms to move operations to markets with looser restrictions or invest in methods to reduce carbon output altogether. International firms will likely take advantage of this policy and ramp up production to meet the energy needs of an ever-growing population.

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Photo: Navy Petty Officer 1st Class Dominique A. Pineiro

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