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UK bets on cap-and-trade [NGW Magazine] Jan 6, 2021 7:15:am Summary The UK has set steeper near-term targets for CO2 emissions than the EU, but its national cap-and-trade scheme has to deliver cuts in line with its ambition. [NGW Magazine Volume 6, Issue 1] by: Andreas Walstad The UK in late 2020 set a CO2 emissions reduction target of 68% by 2030 compared with 1990 levels, which overshoots the recently agreed EU target of 55% CO2 reductions. A well-functioning carbon market will be key to achieving emissions reductions, not at least in the power sector, to support the energy transition towards more renewables with gas as a supporting fuel at least in the medium term. A robust carbon price under the UK emissions trading scheme (ETS) should continue to favour gas over coal in power, as has been the case with the EU ETS and the UK carbon floor price. Government data released December 22 showed that gas-fired power generation increased by 6% year-on-y

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