UK completes climate emissions trading auction
An auction setting the stage for the world\'s first economy-wide national greenhouse gas emissions trading system has been completed and proved an \"enormous success\", the UK environment ministry announced today.
Following the two-days bidding process, 34 firms that will be \"direct participants\" in the trading scheme have collectively pledged to cut annual emissions of carbon dioxide by over 4m tonnes over the next five years. This is more than 5% of total UK emission reductions to be achieved by 2010 under the Kyoto protocol.
The auction result \"vindicates\" the UK scheme and demonstrates businesses\' willingness to \"embrace an emissions trading market\", said Dr Chris Fay, the government emissions trading \"champion\". Trading will begin on 2 April.
The goal of the auction was to get participating firms to pledge the highest possible emission reduction pledges, in return for a share of a government financial incentive pot worth UKŁ215m (euros 348m).
Bidding kicked off at an offer price of UKŁ100 of incentive money per tonne of emission reduction pledged. The auction closed after nine rounds of bidding, with the final incentive price standing at UKŁ53.37 per tonne.
The 34 direct participant organisations include oil companies, car manufacturers, supermarket chains and even London\'s natural history museum. Once trading gets under way they will be joined by up to 6,000 other firms that have signed voluntary agreements with the government on cutting greenhouse gas emissions (ED 14/02/01).
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