Government to set up carbon trading scheme

22 August 2001
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23 August 2001

Energy buyers in the UK will be the first purchasing professionals worldwide to gain experience in trading carbons.

The government has announced its intention to set up a trading scheme by April next year with full roll-out by 2003-4.

Around £215 million will be spent incentivising companies to join the scheme, whereby they agree to an 80 per cent reduction in their climate change levy in return for accepting a target valued in "carbon units" for reducing their energy consumption.

Exceeding their target will give them "carbon credits" that they can sell to other organisations that have failed to meet energy targets.

SMaug2001

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