| From telegraph.co.uk: The Government yesterday unveiled its plans to auction off carbon credits in the first stage of a process that could eventually net the Treasury around £2bn a year.
The first auctions will take place later this year as part of European Union and Government plans to cut carbon emissions. Over the next four years, the Department for Environment, Food and Rural Affairs, through the Debt Management Office will auction some 85m credits, each representing one tonne of carbon.
The auctions represent around 7pc of the credits the Government can allocate and is the second phase of its strategy for dealing with climate change.
Phase one of the scheme began in 2005 and was criticised for issuing too many permits and not offering enough incentives to cut emissions. As a result the number of permits has been tightened up and auctions will be held......Full Article Source |