LONDON, June 2 — Britain recently launched its own carbon trading market, more than five months after Brexit, as the government targets lower emissions before this year’s vital UN climate change summit.
The UK scheme’s initial price of about £50 per tonne of carbon dioxide was slightly higher than the European price. Prime Minister Boris Johnson’s administration, which targets zero net carbon emissions by 2050 to help meet commitments under the Paris accord, will also host the next climate summit, COP26 in Glasgow in November.
Carbon trading is one of the cornerstones of policy on climate change, according to Tim Atkinson, director of sales and brokerage at CF Partners. For the British authorities, leaving the European carbon trading market also makes it easier to monitor companies and their activities.