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Department for Environment, Food & Rural Affairs

A Greenhouse Gas Emissions Trading Scheme
for the United Kingdom

Contents

Introduction

Section 1: Overview of the Scheme

What is Greenhouse Gas Emissions Trading?
Emissions Trading and the Climate Change Programme
Development of the UK Emissions Trading Scheme
Proposed Timetable for Launch of the UK Emissions Trading Scheme
Trading Schemes in other Countries
Links with the proposed EU Greenhouse Gas Trading Scheme
International Emissions Trading under the Kyoto Protocol
The Longer Term

Section 2: The Proposed Scope of the UK Emissions Trading Scheme

Routes into the Scheme
The Role of the Electricity Generators
Coverage of the Six Greenhouse Gases

Section 3: The Financial Incentive and the Allocation of Targets

Announcement Made in Spending Review 2000
Principles for the Incentive Mechanism
The Basis of Allowance Allocation
Expectations for the Bidding Process

Section 4: Monitoring, Verification and Reporting of Emissions

Protocol for Carbon Dioxide Emissions
Verification of Emissions Data

Section 5: The Mechanics of Trading

Unit Targets and Absolute Targets
Banking and Borrowing
The Distinction Between Trades and Transfers
The Role of Brokers and Exchanges

Section 6: Project-Based Credits and Other Trading Schemes

International Projects
UK-based Emission Reduction Projects
Links with the Renewable Energy Obligation
Household Energy Efficiency, and the Interaction with Energy Efficiency Commitments (formerly Energy Efficiency Standards of Performance, EESoPs)
Energy Efficiency in Businesses Other than Those in the Main Trading Schemes
Flare Consents Transfer Scheme
Trading in Aviation Emissions

Section 7: Administration of the Scheme

The Role of Central Government
Status of the Emissions Trading Authority
Registry of Allowance Holdings and Emissions
Compliance and Penalties
Links with Other Regulatory Bodies

Appendix: Outline of the Proposed CO2 Baseline and Reporting Protocol for the UK Emissions Trading Scheme

Introduction
Key Principles
Consistency with Other Reporting Guidelines and Requirements
Boundaries and Ownership
Role of the Electricity Generators
Calculating Emissions
Reporting, Certification and Verification

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Published 8 November 2000
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