Britain’s Carbon Market Begins Trading at Higher Prices Than EU
Britain's Emissions Trading System (ETS) kicked off on Wednesday as the UK strives to eliminate net emissions by 2050, with carbon prices reaching over 50 pounds ($70.77) per tonne and making the cost of polluting in Britain higher than in the EU.
The ETS is a method of charging power plants and other industrial entities for each tonne of carbon dioxide they emit. Britain launched its own market to replace the European Union's ETS after it left the bloc.
"Our UK ETS is more ambitious than the EU system it replaces and with today just the start of regular auctions, we are one step closer in our ambition to have the world’s first net zero carbon cap and trade market," said UK energy minister Anne-Marie Trevelyan.