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The UK’s carbon price is trading at £ 50 as the market opens for the first time
The price of carbon in the UK has risen to £ 50 when Britain launched its post-Brexit emissions credit scheme on Wednesday, suggesting that large pollutants will cost more than EU companies without government intervention.
The long-awaited start of UK carbon trading is designed by the government to put a unit cost of CO2 emissions and replace the shareholding that UK companies have established in the EU’s carbon trading system. £ 50.23 per tonne, before falling slightly to £ 50 per tonne.
This price is almost 5 pounds higher than the EU equivalent, as it was marketed on Wednesday morning at 52.40 euros (£ 45.25 per tonne).
Emissions covered by EU pricing markets fell 12% in 2020
Emissions regulated under the European Union s (EU) carbon market decreased by more than 12% last year, with the coronavirus severely limiting energy demand and industrial output.
A drop in energy demand and increased uptake in renewables are accountable for parts of the decline
New analysis from Refinitiv Carbon Research of verified emission data published by the European Commission has found that greenhouse gas emissions under the EU’s carbon markets decreased by 12.6% in 2020 to 1339 megatonnes.
According to the research, the EU carbon market dropped by 192 megatonnes compared to 2019, which is the largest recorded decline since the launch of the carbon market.