What is the total carbon allowance bought or sold in phase 3 (tonnes of CO2e) for the whole estate?
Corporate Social Responsibility Report
Reason required: sector use and benchmarking.
Launched in 2005, the EU Emissions Trading Scheme is now in its third phase, running from 2013 to 2020. A major revision approved in 2009 in order to strengthen the system means the phase 3 is significantly different from phases 1 and 2 and is based on rules which are far more harmonised than before. The main changes are:
• A single, EU-wide cap on emissions applies in place of the previous system of national caps
• Auctioning, not free allocation, is now the default method for allocating allowances. In 2013 more than 40% of allowances will be auctioned, and this share will rise progressively each year.
• For those allowances still given away for free, harmonised allocation rules apply which are based on ambitious EU-wide benchmarks of emissions performance.
• Some more sectors and gases are included.
• 300 million allowances set aside in the New Entrants Reserve to fund the deployment of innovative renewable energy technologies as well as carbon capture and storage through the NER 300 programme.
Further information on the EU Emissions Trading Scheme can be found on the European Commission website.