The UK Emission Trading Scheme.

DEPARTMENTS: WORLDWATCH CLIMATEWATCH 'Creating a new UK carbon market will be the foundation on which the UK achieves net zero emissions cost-effectively', reads the government's new White Paper on Energy. It has promised to establish a UK ETS (Emission Trading Scheme) to replace the cap-and-trade system pioneered by the EU, in which energy-intensive businesses receive allowances to emit greenhouse gases and are obliged to buy more if they cross their threshold. The new white paper states that 'the UK is open to linking the UK ETS internationally and we are considering a range of options' - as if there were lots of options. [Extracted from the article]